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International Karachi, Tuesday, October 19, 2010, Zul-Qa’dah 10, Price Rs12 Pages 12

IMF chief sees global recovery in peril

Sarkozy vows pensions reform will pass despite strikes Pillion riding re-banned in Karachi

See on Page 12

Militants torch 3 Nato tanker in Quetta, Kalat

See on Page 12

See on Page 12

Supreme Court reminds govt of Article 190

Economic Indicators $16.97bn 13.77% $5.18bn $9.03bn $(3.85)bn $(944)mn $1.72bn $455.10mn Rs 310bn $55.63bn Rs 4863bn $100.90mn 3.05% 4.10% $1,051 170.82mn

Forex Reserves (8-Oct-10) Inflation CPI% (Jul 10-Sep 10) Exports (Jul 10-Sep 10) Imports (Jul 10-Sep 10) Trade Balance (Jul 10-Sep 10) Current A/C (Jul 10- Aug10) Remittances (Jul 10-Aug 10) Foreign Invest (Jul 10-Sep10) Revenue (Jul 10-Sep 10) Foreign Debt (Jun 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Aug 10) LSM Growth (Jul 10)

GDP Growth FY10E Per Capita Income FY10 Population

Heads bound to heed orders: SC AG told to submit govt stance on NAB (Amend) Ord

Portfolio Investment SCRA(U.S $ in million)

50.29 1.07 1.94 2461

Yearly(Jul, 2010 up to 15-Oct-2010) Monthly(Oct, 2010 up to 15-Oct-2010) Daily (15-Oct-2010) Total Portfolio Invest (8 Oct-2010)

NCCPL (U.S $ in million)

FIPI (18-Oct-2010) Local Companies (18-Oct-2010) Banks / DFI (18-Oct-2010) Mutual Funds (18-Oct-2010) NBFC (18-Oct-2010) Local Investors (18-Oct-2010) Other Organization (18-Oct-2010)

1.21 1.98 -2.68 -0.99 -0.48 0.67 0.27

Global Indices Index Close KSE 100 10,484.39 Nikkei 225 9,498.49 Hang Seng 23,469.38 Sensex 30 20,168.89 ADX 2,778.15 SSE COMP. 2,955.23 FTSE 100 5,734.66 *Dow Jones 11,105.17 *Last Updated 20:00 PST

Change 52.55 1.76 288.25 43.84 15.44 15.93 31.29 42.39

GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)

$.Price PKR/Shares 2.60 111.79 18.50 159.08 2.00 43.00 1.70 36.55 9.81 33.74

Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)

12.83% 13.07% 13.22% 13.50% 12.72% 12.99% 13.21% 13.61% 13.71% 13.64% 13.75% 13.77% 14.24% 14.34% 14.52%

06-Oct-2010 06-Oct-2010 06-Oct-2010 29-Sep-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010

Commodities *Crude Oil (brent)$/bbl 83.19 *Crude Oil (WTI)$/bbl 81.92 *Cotton $/lb 109.89 *Gold $/ozs 1,367.30 *Silver $/ozs 24.13 Malaysian Palm $ 937.40 GOLD (NCEL) PKR 37,650 KHI Cotton 40Kg PKR 7,984 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 84.10 Canadian $ 84.00 Danish Krone 15.80 Euro 119.00 Hong Kong $ 11.00 Japanese Yen 1.043 Saudi Riyal 22.85 Singapore $ 65.10 Swedish Korona 12.70 Swiss Franc 88.80 U.A.E Dirham 23.35 UK Pound 136.50 US $ 86.05

85.10 85.10 16.40 120.50 11.30 1.069 23.00 66.10 13.30 90.25 23.50 137.50 86.35

Inter-Bank Currency Rates Symbols

Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $

Buying TT Clean

Selling TT & OD

84.60 84.40 15.99 119.26 11.07 1.056 22.91 65.84 12.87 89.30 23.39 136.82 85.99

84.80 84.60 16.03 119.54 11.10 1.059 22.96 66.00 12.90 89.51 23.44 137.14 86.18

Weather Forecast CITIES

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32°C 36°C 34°C 35°C 31°C 34°C

MIN

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Special Correspondent/ Agencies KARACHI: Interior Minister Senator A Rehman Malik and Dr Farooq Sattar jointly addressing a press conference at MQM office Nine Zero.-APP

75 Pakistan items declared as duty-free

EU aid package reaches next stage LONDON: The European Commission has come forward with a package covering 75 products worth up to 176 million pounds over two years to help Pakistan recover from the flood disaster and bolster political stability. This emerged from the briefing on Monday by David Martin, Scotland's most senior member of the European Parliament (MEP), to Glasgow Central MP Anas Sarwar about the latest moves in the European Union (EU) proposal to grant Pakistan privileged access to EU mar-

kets. "The European Commission has come forward with a package covering 75 products which could be worth up to 176 million pounds over two years," explained Martin who is a member of the European Parliaments International Trade Committee, this would mean zero rating tariff covering 27 per cent of Pakistan exports to the EU and would boost Pakistan's exports by 88 million pounds per year. The EU is currently Pakistan's major trade partner See # 20 Page 11

Malik vows to do away with Karachi desperadoes

KARACHI: Expressing serious concerns over the recurrence of targeted killing every 4-5 months in Karachi, Federal Interior Minister Rehman Malik deplored that the criminals arrested in this regard have never been taken to task for lack of evidence. During a media briefing along with Sindh Chief Minister Qaim Ali Shah here Monday, the minister said that "all the miscreants nabbed during the crackdown named one party or the other to show their affiliation, but when we contact the parties, they deny links with EAD denies paying fine over slow projects them outright." "The DG Rangers and IG Sindh have been directed to take strict action against all those copped disregarding their party affiliations. The minister vowed to eliminate the desperadoes who wanted destabilise the country. Rehman warned ISLAMABAD: A spokesman government for the slow-movSee # 19 Page 11 of the Economic Affairs ing projects. Division (EAD) Monday said "No matter it is being there were no charges paid to delayed or finished on time as Asian Development Bank for the government has adopted a the slow-moving projects strict policy of no extension in instead it was the unused closing date of any of the projamount which ADB had ect", he said. reclaimed as it was part of the The charges are paid on loan agreement. amount the government of Clarifying a news item Pakistan has committed with KARACHI: Muttahida Qaumi appeared in a section of press the donor, which is part and Movement Chief Altaf Hussain titled "government has paid parcel of any loan agreement, has said that bloodshed in $35 million to ADB for slow he added. Karachi was planned by misstart of projects," he said that "The government is bound to creants from defeated factions. there are no charges paid by the See # 21 Page 11 Muttahida's victory is a signal of revolution. PC directed to speed up process Addressing a political gathering at nine-zero, Altaf Hussain said that turnout of PS-94 bypolls showed that they are undeterred by the ongoing violence and bloodshed. He also said that middle-class ISLAMABAD: Despite lapse ers of 80 SOEs will receive the people are joining MQM at a of over a year, most of the shares unit certificates and div- rapid pace. He pledged to resolve all the crisis and probemployees of state-owned- idend accordingly. entities (SOEs) are still looking In this respect government lems prevalent in the country. forward to get their hands on had directed the Privatization Altaf Hussain blamed the elite 12 per cent government shares Commission to accelerate the strata for enjoying a luxurious free-of-cost under Benazir instituting of BESOS Trusts in life at the cost of lives of the Employees Stock Options all public entities entitled poor; as the poor are commitScheme (BESOS). under the scheme, so to ting suicides due to high cost of living. -Agencies Under the scheme the workSee # 22 Page 11

ADB reclaims unused $35mn

Defeated factions bleeding Khi: MQM

BESOS scheme in wraps of redtape

ISLAMABAD: Supreme Court of Pakistan Monday while hearing a suo moto regarding "alleged withdrawal of executive orders of judges' restoration", said that under Article 190 of the Constitution government is bound to follow Courts orders. Chief Justice of Pakistan, heading the 17-member bench, said in its short order that Court's October 15th restraining order on judges' restoration issue was binding upon all the constitutional and administrative heads in term of Article 190 of the Constitution. "It is mandatory for all the state institutions under Article 190 to comply with the orders

of the court. Article 190 of the Constitution is a mandatory provision under which there is no alternative for the executive but to act in aid of the Court orders," court remarked. CJP added "judiciary is discharging its obligations as per constitution". A 17-member bench headed by Chief Justice Iftikhar Muhammad Chaudhry put off hearing till the receipt of a report by the six-member inquiry committee set up by the government. The bench also directed the committee to correct the inappropriate extraction made in one of the paragraph contained in its preliminary report mentioning 'a standoff' between judiciary and executive. At the outset of proceedings, Attorney General for Pakistan Maulvi Anwar-ul Haq apprised the bench that an inquiry committee had been formed by the government. Attorney General (AG) had

Mutual funds fall 2.86pc in Sept MoM Raza Baqar KARACHI: Mutual Funds Industry's asset size has reported consecutive decline in September on MoM basis however contra to previous month, September decline was due to redemption pressure especially in money market funds as banks and corporations need cash flow to close their quarterly earnings. Nevertheless the mutual fund industry close at Rs201.6 billion at the end of September compare to Rs207.5 billion, a month earlier, showing a drop of 2.86 per cent MoM (Rs 5.94 billion in absolute term). Open-end funds -- which contribute almost 86 per cent of total mutual fund industry size -- stand at Rs173.5 billion in September compared with Rs177 billion in August, show-

ing a decrease of 1.98 per cent MoM; while closed-end funds stand at Rs28.08 billion. During the month, JS Large Capital Fund converted their closed-end funds into open-end funds which resulted in decline of closed-end funds asset size by around Rs2 billion, however as it added into open-end funds, the overall industry size remained the same. Moving towards categories, except for equity funds all remaining categories asset size declined month on month basis. Equity funds that constitute around 24 per cent of total open-end industry size has shown a growth of 7.90 per cent, thanks to conversion of JS Large Capital Fund and as well as benchmark KSE See # 16 Page 11

EC suspends 148 MPs membership Monitoring Desk ISLAMABAD: Election Commission of Pakistan (ECP) had suspended memberships of 148 parliamentarians for failing to submit asset declarations, media reported Monday. The parliamentarians whose memberships have been suspended include Fazlur-

Rehman, Amir Muqam, Sardar Asif Ahmed, Muhammad Jam Magrio, Khursheed Shah, Samsam Bukhari and Kishmala Tariq. The break up is as follows: 35 members of National Assembly, 4 members of Senate, 71 of Punjab Assembly, 16 of Sindh See # 17 Page 11

PM says Pakistan faces a new phase of challenges

Tax structure makeover afoot: Gilani ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Monday said that government is reshaping the existing tax structure with a view to widen tax net not only to increase tax-to-GDP ratio but also to mobilise local resources to help out millions of affected people in the country. Premier expressed these views while addressing representatives of NGOs during an interaction here. Prime Minister Gilani said that the country has entered a

new phase of fundamental challenges following floods but our resolve stands solid to rebuild a better Pakistan. He was Prime Minister said Ministry of Finance is already reviewing the budget so that maximum resources can be made available to meet the needs of rehabilitation. Expenditure of the government has been frozen to last year's level besides cutting down nondevelopment expenditure and promoting the culture of austerity in government

departments. Prime Minister said 40 billion rupees have already been earmarked for distribution among affected people as compensation for damaged houses. Besides this, Benazir Income Support Programme, Pakistan Bait-ul Maal and other agencies are busy in providing relief and assistance. Prime Minister said the crisis triggered by floods was so comprehensive and damaging that it impacted about 20 million people and transformed

fundamental aspects of the entire country's development and progress. Syed Yousuf Raza Gilani said according to an estimate of the ILO, about 5.3 million jobs have been lost. Damage to communication and energy sector has also been phenomenal. He said we are facing serious challenges in economic, energy, environment, education, food security, livelihood, physical infrastructure and regeneration of economic opportuni-

ties. Prime Minister said it is national duty of all citizens of the country to rise above all differences and divisions and work together to face this unprecedented crisis. He again held out an assurance that the money received for reconstruction and rehabilitation would be spent in a transparent manner. A National Oversight Management Council is in place and Chairman of the See # 18 Page 11

told Supreme Court (SC) that no government functionary had shown willingness to file statement in the court on news item about withdrawal of judges' restoration notification, adding in the eyes of government when chief executive of the country had contradicted the report then it stood to no justification to file written reply. AG presented the interim report of the committee constituted by the Prime Minister (PM) on this count and sought time till the final report reached. According to report news channels reporters had sought more time and this was their stance that name of the person who had provided news and source of news would not be disclosed. Committee had summoned the concerned reporters on October, 22. He further told copies of court's orders issued on Friday had been provided to president, See # 12 Page 11

Stay clear of politics

Saudis ask Sharif to honor his agreement LONDON/ ISLAMABAD: Representative of Saudi King Abdullah met with PML-N chief Mian Nawaz Sharif in London for three-hour in which he once again relate the message to abide by the agreement made during the tenure of former President Pervez Musharraf. Sources told Online that three days before a representative of Saudi King met with Nawaz Sharif in UK, during which the message of the Saudi King was conveyed by asking Sharif to abide by his agreement for not participating in politics till 20th December, 2010 and also not to indulge in any talk against See # 13 Page 11

Pak-US Strategic Talks

Third round starts tomorrow WASHINGTON/ ISLAMABAD: The eagerly awaiting third round of Pak-America Strategic Dialogue is going to start from 20 October (tomorrow) in Washington. According to diplomatic sources the third round of PakUS strategic dialogues is going to be started from 20 October and continue till Oct 22 in which issues related to power, agriculture, education and security would be discussed. Foreign Minister Shah Mehmood Qureshi would lead See # 14 Page 11

KSE off-mkt news-system from Nov 1 KARACHI: Karachi Stock Exchange (KSE) has decided to introduce a new negotiated deal reporting system (NDRS) for equity and debt market segments, with effect from November 1, to make the reporting of all off market transactions See # 15 Page 11


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Tuesday, October 19, 2010

Qaim reviews law, order in metropolis

KARACHI: Sindh Chief Minister Syed Qaim Ali Shah and Interior Minister Senator A Rehman Malik hold joint meeting at CM house to discuss current law & order situation in Karachi.-APP

Visa partners with BCD travelers

Khuhro inaugurates relief camp in Khi KARACHI: The Speaker of Sindh Assembly, Nisar Ahmed Khuhro, on Monday performed the inauguration of a relief camp here in Clifton along with Sharmila Faruqui, Adviser to the Sindh Chief Minister on Information. The camp has been established by `Save the Flood and Disaster Victims' Organization'. Speaking on the occasion, Nisar Khuhro said that Pakistan Peoples Party (PPP) Government is committed to provide relief and for the rehabili-

tation of the flood victims. He stated that this relief camp is also an effort in this very direction. Sharmila Faruqui said that the rehabilitation of the flood victims is the collective responsibility of all of us and that concerted efforts should be made in this very direction. She further stated that the camp set up by this organisation will continue for two months. Sharmila also informed that the fund raising has been done by Bakhtawar Bhutto Zardari who has collected Rs150 million.

LG makes content sharing more easier

Chinese experts meet Sindh finance minister

KARACHI: Visa has partnered with BCD Travel and Gerry International's holiday packages, as part of its Visa Premium Privileges Programme in Pakistan which rewards all Visa Gold and Visa Platinum cardholders with rewards stretching from discounts, meet and assist, free ticket delivery and VISA processing, said a handout issued here. Commenting on the promotion, Amer Pasha Visa' Pakistan Country Manager: "Visa continuously strives to enhance customers' experiences by offering added value promotions to our growing premium cardholder base. Visa works with leading travel partners across the region to ensure that we deliver unique and memorable experiences for our KARACHI: LG premium cardholders."-PR Electronics (LG) recently announced the global launch of its first Windows Phone 7 devices, LG Optimus 7 and LG Optimus 7Q. Building on Mi-crosoft's new operating system that offers people the ability to do more in fewer steps, TUESDAY the LG Optimus 7 series Time Programmes introduces a new era for 8:00 Chai Time (Rpt) smartphones and offers 9:00 News consumers a whole new 9:15 Pehla Sauda experience of mobile life. 10:00 News Andy Lees, President of 10:15 Bazaar the Mobile 11:00 News Communications 11:05 Ghar Ka Kharch Business at Microsoft, 12:00 News added; "We are very 12:05 Islamabad Say (Rpt) excited to be working 13:00 News with LG, a mobile phone 15:15 Power Lunch 14:00 News industry innovator. 15:02 Akhri Sauda Windows Phone 7 is 15:30 Tax Time (Rpt) designed to bring togeth16:15 Karobari Dunya er what you care about 17:05 Ghar Ka Kharch most and LG is a key 18:05 Chai Time partner in making that 19:00 News experience a reality for 19:30 Mang Raha Hai people around the world." Pakistan The LG Optimus 7 20:00 News series offers a break20:05 Islamabad Say through in entertainment 21:00 Pakistan Aaj Raat convenience by putting 22:00 News the mobile device at the 22:05 Doosra Pehlu center of today's digital 23:00 News 23:05 Kamyab (Rpt) lifestyle. With Play To, the DLNA-based multimedia sharing technology available only on LG Optimus 7 devices, users will have the most userfriendly file-sharing experience. LG is leading the innovation of DLNA TV PROGRAMMES technology by offering easy and intuitive settings TUESDAY for accessing this feature.-PR Time Programmes 7:00 8:00 9:05 11:00 12:00 13:10 14:10 15:00 16:00 17:30 18:00 18:30 19:30 20:03 21:00 22:03 23:00 23:30

News News Subah Savere Maya ke Sath News News Newsbeat (Rpt) Tonight With Jasmeen (Rpt) News News Samaa Metro News Samaa Sports Crime Scene Newsbeat News Tonight With Jasmeen News 24

KARACHI: A Seven Member delegation of China Institute of Water and Hydro Power Research led by Cheng Xiaotao Deputy Chief Engineer called on Sindh Finance Minister Syed Murad Ali Shah at his residence here to chalk out future strategy of combating Floods in Sindh Province. Sindh Finance Minister thanked the Chinese Government and its people for its valuable support and assistance to people of Pakistan in hour of distress and hoped that the visit of the delegation members will be useful and productive and will provide an opportunity to our officials to Learn from their valuable experience. He also stated that recent Floods have caused a colossal damaged to our economy but with support and assistance from our good friends we shall overcome the problem and difficul-

The amount would be provided to the Utility Stores where packets of eatables would be prepared for distribution among the flood victims. Sharmila said that like her father President Asif Ali Zardari and mother Shaheed Mohtarma Benazir Bhutto, Bakhtawar Bhutto Zardari is a very caring person and wanted to help those in need. During her vacation she came to Pakistan and collected relief fund for the flood victims, Sharmila added.-APP

ties, and ensure that all displaced persons are well settled in their abodes as before. Provincial Ministers for Agriculture Syed Ali Nawaz Shah, Minister Irrigation Jam Saifullah Darejo, Works and Services Minister Manzoor Wasan, Advisor to Sindh Chief Minister for Planning and Development Dr Qaiser Bangali, Special Assistant to Prime Minister of Pakistan on Water Resources and on Agriculture Kamal Majidullah, Acting Chief Secretary Sindh Ghulam Ali Pasha, Additional Chief Secretary Planning and Development Ishaq Lashari, Secretary Finance Department Mohammad Siddique Memon, Secretary Services and Works Rasool Bux Phulphoto and spokes person of the Finance Department Imdad Nasir Bana were also present on this occasion.-APP

KARACHI: Ather GM Jotun Pakistan and Terje Langmoe Global Concrete Concept Manager gives breefing about their new product “Lady Effect�.-Staff Photo

KARACHI: Pakistan-Japan Business Forum (PJBF) with collaboration of 5s KAIZEN, held two-day training workshop at local hotel. Picture shows Masaharu SATO, Consul General of Japan, Chairman PJBF, Abdul Kadar Jaffar, vice Chairman Majyd Aziz, Country Director JETRO, Kaoru Shiraishi, GM, AOTS Yasumi Suzuki, Dolohin Training and Consulting Genji Tanaka, and Shaheena, along with participants.-Staff Photo

KARACHI: A high level law and order meeting was held here on Monday under the Chairmanship of Chief Minister Sindh Syed Qaim Ali Shah at Chief Minister House. Interior Minister Rehman Malik, also attended the meeting, says an official statement. It said that the meeting reviewed the progress for combating the activities of criminals with iron hand and that prompt measures will be adopted to apprehend the persons involved in target killing without consideration of their party affiliation. The statement said that it was observed that there are

criminals belonging to `land mafia'. It was decided that no criminal would be allowed to take law in their hands. It has been decided that all parties must produce a list to the respective DIGs of those workers, who have been expelled from their parties, because of misbehavior or any other criminal activities. It was decided to direct the NADRA to give direct link to CCPO office Karachi while such data would be compiled. It was decided that all DIGs will keep strict vigilance on movement and activities of anti-social elements and illicit arms who

are found indulged and use in crime. The statement said that the meeting was informed that federal government has appreciated the performance of Sindh Government under the guidance and supervision of Chief Minister Syed Qaim Ali Shah. Federal Government has also appreciated the performance and role of Sindh Home Minister Dr Zulfiquar Mirza and other law enforcement agencies for handling the situation in Karachi. It was proposed that Karachi needs extra 10,000 police personnel to curb the activities of criminals. As such, federal government will provide funds

to provincial government. It was also decided that federal government will approve status like model safe Karachi like safe Islamabad project, for which funds will be utilized from Chinese resources provided to federal government on the request of President Asif Ali Zardari. Chief Minister Syed Qaim Ali Shah and Interior Minister reaffirmed their pledge that all government agencies have to unitedly work for preventive and precautionary measures together for eradication of menace of crime from our society without consideration of ethnic or political affiliation.-APP

FBR plans not to end PaCCS: WB report KARACHI: World Bank (WB) has handed over a detailed report on PaCCS to Federal Bureau of Revenue (FBR) on the working of the customs clearance systems in Pakistan and mentioned that FBR has no contingency plan to terminate PaCCS (Pakistan Customs Clearance System). The use of these three different systems by traders and agents complicates their business as they need to know which system is to be used for which Goods Declaration. The three different customs systems create several problems into the system: PaCCS at the Karachi container ports, 'One Customs' at all other customs freight locations including the Karachi container ports, and WeBOC, which is completing its development and is to be piloted at the Karachi Airport during this calendar year. In particular, trade bodies, members of associations and chambers have expressed their satisfaction to PaCCS.-PR

Quebec immigration halted KARACHI: Government of Canada has stopped accepting files under the current investors program for Quebec due to the excess amount of applications being filed, immigration Consultants Lalani & Associates reported here. Sikander Lalani, CEO Lalani & Associates further said that, on October 13, the Quebec Government announced that the limit of 500 files have been reached. As of Wednesday October 13, the Government is no longer accepting files under the current Regulation. He further said that, The intention of Government of Quebec is to process files under the new Regulation concurrently with those under the current Regulation.-PR

KARACHI: Leader and supporters of Pakistan Peoples Party offer Dua in front of lightened candles during ceremony in the honour of victims of Karsaz incident to mark thier third death anniversary at Shahrah-e-Faisal.-PPI

Expats urged to take part in relief work KARACHI: Deputy Speaker Sindh Assembly, Shehla Raza has urged the expatriate Pakistanis as well as well-off inhabitants in the country to assist government in the rehabilitation of flood victims. Addressing the foundation laying ceremony of the establishment of "model villages," in the flood-hit taluka of Sujawal in Thatta district, she said the initiative of USA based Pakistani doctors, through the platform of Omair Sana Foundation needed to be replicated. "Rehabilitation and reset-

the NGO in the planned model villages. The Deputy Speaker also expressed her satisfaction that a local construction company in coordination with Omair Sana Foundation has taken upon itself to construct a school and community center in the two villages. Dr Kashif Ansari, a Houston (Texas) based oncologist spearheading the campaign of "Adopt Flood Hit Villages," said Siddiq Malah Goth, Kehro Malah Goth and Mohammad Ismail Goth were mainly inhabited with fishermen.-APP

Watan cards issued to 0.7mn affectees ISLAMABAD: The National Database and Registration Authority (NADRA) has issued 700,000 Watan Cards to flood affected families for disbursal of Rs. 14 billion cash assistance to flood affectees. Deputy Chairman NADRA Tariq Malik on Monday said that the issuance of Watan Card would ensure transparent disbursal of Rs.20,000 to each flood affected family, as announced by the Government.

Dengue toll rises to twelve KARACHI: The number of dengue induced deaths has risen to 12 in Karachi, Dr Shakeel Mallick, InCharge, Dengue Fever Surveillance Cell told APP on Monday. He said the sudden increase in the number of deaths that till last weekend was six was because one of the city's prestigious hospital reported very late the six "dengue" deaths it had experienced between the months of April to September. "They had the seventh death on Friday and this was communicated to the

tlement of the flood sufferers is our collective responsibility," she said, according to a press release issued here on Monday. The Deputy Speaker appreciated that make-shift homes for the victims belonging to the two villages, in Sujawal taluka, have already been ensured by Omair Sana Foundation for around 50 families keen to return to their homes. Shehla Raza assured the supporters and volunteers of the foundation that government would facilitate erection of pre-fabricated houses being arranged by

health department's surveillance along with previous six on Saturday only," he said. Dr Mallick regretted that many of the private sector hospitals, despite frequent reminders, do not cooperate with the cell as probably they preferred not to publicize deaths been registered by them on daily basis. He agreed that some of the hospitals also lacked the culture of audit under which data must be compiled about patients admitted, their respective nature of ailments, recovery as well as mortality rates.-APP

He said the Authority has set up 70 sites to disburse Rs20,000 under Watan Card Scheme, adding that NADRA staff is consistently serving the people in the affected areas. He said that NADRA is striving on zero error policy to ensure that only deserving families are issued Watan Cards enabling them to draw benefits announced by the Government. Tariq Malik said that due to strong checks in the

software prepared for Watan Cards the applicants who do not belong to notified calamity hit areas are not being processed by the system. He said local DCOs and administrations are supposed to guide the flood victims to their concerned centers which will not only avoid influx of irrelevant people at the centers but would ensure security of staff at these sites enabling them to perform their duties more effectively without any hindrances.-APP

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3

Tuesday, October 19, 2010

Swiss franc off all-time high vs USD ZURICH: The Swiss franc on Monday traded off an all-time high hit against the dollar, as the US currency clawed back ground lost at the end of last week after the US Federal Reserve signalled possible further monetary easing. Investors had increased their bets against the dollar in recent weeks on heightened expectations for the Federal Reserve to unveil a second round of quantitative easing as early as November. The franc was 0.3 per cent weaker against the dollar compared with Friday's New York close, trading at 0.9616 per dollar. The Swiss franc soared to a fresh all-time high against the dollar at the end of last week. The franc was up 0.3 per cent against the euro at 1.3344 per euro at 0741 GMT. The Swiss franc, which investors regard as a safe haven, has rallied against the euro and the dollar most of this year as Switzerland escaped from the downturn less bruised than many other big economies. -Reuters

US dollar gains against euro for 2nd straight day

Top Economic Events

active in the session as the euro fell as low as $1.3830. Next downside targets are technical support at $1.3825 and then the Oct. 12 low of $1.3775.

There was muted reaction to a US Treasury Department report on foreign exchange flows or a Federal Reserve report on industrial production. "It is a continuation from Friday," said Chuck Butler, president of EverBank World Markets in St. Louis. "Now everyone knows (QE) is going to happen we are seeing some

profit taking in the euro dollar and commodities." The euro was down 0.1 per cent on the day at $1.3968, down from a more than eight-

month high of $1.4161, hit on trading platform EBS on Friday. The session low on Monday was $1.3830 on EBS. Data from the US Commodity Futures Trading Commission showed speculators trimmed bets against the dollar in the latest week but still had hefty wagers against

it. The dollar index was little changed at 77.032, after rising to 77.645. The rally needs to extend above its Oct. 12 high of 77.93 to signal a short-term bottom is in place after Friday's 10-month trough of 76.144, analysts said. But the dollar ceded ground against the yen, falling 0.3 per cent to 81.17 yen and edging back towards a 15-year low of 80.88 hit on EBS last week. Traders reported sovereign demand around the 81.15 level. The Australian dollar recovered from the day's declines and was last up 0.1 per cent to $0.9915. The Aussie rose to $1.0004 on Friday, but hit a low of $0.9801 on Monday after some macro funds sold, with traders citing decent stoploss orders at $0.9780. Reuters

Yuan slips after US

Asian currencies

SKorea won leads decline delays currency report as US dollar rebounds SEOUL: The South Korean won led a decline in Asian currencies on Monday with investors scrambling to cover their bets against the bouncing US dollar, though longer-term confidence in emerging market currencies remained high. Asian currencies are seen staying on a bullish trend on expectations that the Federal Reserve will ease monetary policy further and effectively send more cheaply borrowed dollars to Asia, analysts and dealers said. "I think this is a minor correction. Unless the currency war leads to a global trade war, Asian currencies will stay bid,"

said Woon Khien Chia, head of local markets strategy of The Royal Bank of Scotland PLC in SINGAPORE. The South Korean won fell 0.7 per cent as a broader rebound in the dollar caused investors to cover short dollar positions and domestic equities fell. South Korea's central Bank said it will take new steps if foreign debt, including foreign holdings of domestic bonds, grows too quickly, increasing caution over the country's measures to check the won's strength. But the Bank of Korea governor later said the country at this stage is not opting to con-

trol capital flows in and out, only to mitigate capital market volatility. The Malaysian ringgit slid 0.5 per cent on profit taking against a broadly stronger dollar after Bernanke's comments. "There's been a USD squeeze from a perception that its fall may have been over extended," said a Kuala Lumpur-based dealer, who expects the ringgit to move 3.0850-3.1100 in the next few days. Bank Negara Malaysia increasingly stepped into currency markets in the latter part of last week, likely to slow the ringgit's climb, estimates from IFR Markets showed. -Reuters

Sterling falls; UK spending cut plans eyed

Taiwan dollar weakens

LONDON: Sterling fell against the dollar on Monday, coming off an 8-1/2-month high on a broad rebound in the US currency due to uncertainty about how aggressive US Federal Reserve monetary easing will be next month. Fed Chairman Ben Bernanke laid out the case for more easing on Friday, initially sending the dollar lower against a range of currencies.

It then corrected as the Fed chief gave few details and warned of a need to proceed cautiously. "The persistent and heavy selling of the dollar has partially reversed (on Bernanke's speech) that was a little more balanced and reserved ... than maybe the market was expecting," said Derek Halpenny, European head of currency research at Bank of TokyoMitsubishi UFJ. By 1501 GMT, sterling was

down 0.5 per cent at $1.5899 after dipping to $1.5837. The downside target was seen at last week's low of $1.5755, traders said. On Friday, it had risen to $1.6108, its highest since late January. Latest positioning data showed currency speculators trimmed bets on sterling gaining in the last week as they also cut back short positions on the US dollar.

The dollar's rebound erased earlier sterling gains after data from property website Rightmove showed asking prices in England and Wales have risen for the first time in four months in October. The euro also gained against the pound, rising 0.4 per cent to 87.82 pence. Traders said stop-loss orders were seen above 88.00 pence, which would pave the way for a retest of a six-month high of 88.39 hit last week. -Reuters

TAIPEI: The Taiwan dollar slipped on Monday, snapping rapid gains last week, on doubts about the degree of quantitative easing to resuscitate the US economy and on outflows of foreign funds from the local stock market. The Taiwan dollar joined other currencies in Asia that dipped on a broad rise in the US currency, which had fallen in recent weeks over widespread expectations that the US would take quantitative easing steps. The local currency's close of T$30.885 versus the US dollar, from a Friday final price of T$30.793, also reflected foreign fund outflows from Taiwan stocks. Monday's net stock market outflows reached an unusually high T$9.712 billion ($310,000). A suspected sale of Taiwan dollars by Taiwan's central bank to control last week's surge also pushed Monday's price lower. Focus this week is turning to G20 leadership meetings in South Korea on Friday to discuss world currency tensions, with China, Japan and the United States under a harsh spotlight. Any decisions are seen affecting the direction of growth-linked assets such as Taiwan's. -Reuters

Australian dollar off on profit-taking after parity stint SYDNEY/WELLINGTON: The Australian dollar retreated further from parity against the US dollar on Monday while the kiwi also fell, although many thought losses were driven by profit-taking and could be short-lived. In late trade, the Australian dollar had eased to $0.9853, well off a high of $1.004 hit offshore on Friday. That was the first time the currency had raced above $1 since it was freely floated in 1983. Charts showed resistance at $1 and strong support on a daily channel at $0.9785, followed by Oct 12 lows of $0.9767. The NZ dollar was also down at $0.7520, from $0.7560 seen in early trade and off last week's twoyear high of $0.7645. Traders said profit-taking had gathered steam on a bout of short-covering in the US dollar, which weighed on commodity prices and encouraged more selling in the pair. But many believed the pull-back was temporary given the US dollar's sluggish outlook, which contrasts with the pair's buoyant funda-

mentals, especially in the case for the Aussie. Indeed, National Australia Bank told clients it expects the Australian dollar to rise to $1.05, thanks in part to Australia's booming commodity trade with China and India. The bank advised investors to buy the currency if it pulls back to $0.9650. The kiwi was unmoved by inflation data which was in line with market expectations, and seen unlikely to shake the view that the Reserve Bank of New Zealand will remain on hold until early in 2011. In a rare piece of positive news for the otherwise sluggish domestic economy, activity in the services sector posted strong growth in September. The main driver of the kiwi remains the attitude of investors to the US dollar and the willingness to invest in riskier assets, especially as there is only migration data due for the remainder of this week. The Aussie/kiwi was steady in familiar ranges about NZ$1.3080. -Reuters

SHANGHAI: Spot yuan on Monday pulled back from its highest versus the dollar since its landmark revaluation in July 2005 after the US Treasury Department delayed a report on trade partners' currency practices. The People's Bank of China fixed a weaker mid-point after the Obama administration decided to delay the decision on Friday on whether it believes China manipulates its currency to create an unfair trade advantage that could sour ties between the world's two biggest economies. State media reported that Chinese Vice Premier Wang Qishan spoke to US Treasury Secretary Timothy Geithner by telephone after the delay, a sign the US administration may be happy with the yuan's 2-plus per cent jump since early September, dealers said. That pace of appreciation is the quickest since the 2005 revaluation. The yuan closed at 6.6441 against the dollar, down from Friday's close of 6.6412 and

its intraday post-revaluation high of 6.6404 hit on Friday. Before trading started, the PBOC fixed the mid-point, or its reference rate from which the yuan can rise or fall 0.5 per cent in a day, at 6.6541, weaker than Friday's record high of 6.6497. The yuan has appreciated 2.74 per cent since the PBOC announced its depegging to the dollar on June 19, although its rise has still lagged far behind a more than 10 per cent plunge in the US dollar index during the same period. Dollar/yuan non-deliverable forwards (NDFs) rose from lows to imply less yuan appreciation after the PBOC fixed a weaker mid-point. Dealers are warning of increasing risks in further pushing NDFs lower. Three-month dollar/yuan NDFs were bid at 6.5500 in late trade, up from a record low of 6.5250 hit earlier in the day, with their implied yuan appreciation falling to 1.59 per cent in the next three months from 1.98 per cent. -Reuters

Indian rupee snaps 3-day gains as euro slips Mumbai: The Indian rupee on Monday snapped a three-day winning streak as the dollar's gains versus major units overseas weighed, but hopes for capital inflows stayed firm with the launch of the country's largest-ever share sale. The partially convertible rupee closed at 44.36/37 per dollar, 0.6 per cent below 44.10/11 at close on Friday, when the rupee rose as high as 43.95, its highest since Aug. 29, 2008. The rupee traded in a band of 44.1800-44.4150 during the day. "We think room for further appreciation of the INR is limited, as short USD positions are showing signs of being overstretched and the RBI is likely to join other Asian central banks in trying to limit currency appreciation," analysts at Barclays Capital wrote in a daily note. On Friday, the Reserve Bank of India governor Duvvuri Subbarao said the central Bank will intervene in the forex market if inflows turn lumpy.

Source EUR EUR EUR GBP USD USD CAD

Events Current Account German ZEW Economic Sentiment ZEW Economic Sentiment CBI Industrial Order Expectations Building Permits Housing Starts Overnight Rate

Source

Events

NZD GBP JPY AUD CAD USD USD USD

CPI q/q Rightmove HPI m/m Tertiary Industry Activity m/m New Motor Vehicle Sales m/m Foreign Securities Purchases TIC Long-Term Purchases Capacity Utilization Rate Industrial Production m/m

Forecast -1.9B -7.0 -2.0 -19 0.58M 0.59M 1.00%

Previous -3.8B -4.3 4.4 -17 0.57M 0.60M 1.00%

Actual

Forecast

Previous

1.1% 3.1% -0.2% 0.9% 11.09B 128.7B 74.7% -0.2%

1.0%

Previous Day

Uncertainty whether QE2 has been fully priced in NEW YORK: The dollar rose against the euro on Monday for the second straight session as investors scaled back expectations of the size of a second round of quantitative easing. Investors are more certain there will be more easing after Federal Reserve Chairman Ben Bernanke on Friday offered his most explicit signal yet that the US central Bank was set to ease monetary policy further though the question remains the amount. The dollar extended a rebound that started late last week, with the euro retreating from an 8-1/2-month high and the Australian dollar down from Friday's peak above parity, the currency's highest level since it was floated in 1983. Traders said short-term speculation and model accounts and Asian central banks were

Time 13:00 14:00 14:00 15:00 17:30 17:30 18:00

For the year to date, the rupee is up 4.9 per cent on record $23.3 billion foreign fund inflows into shares. One-month offshore nondeliverable forward contracts were quoted at 44.73, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 44.4675, 44.4625 and 44.4625 respectively, with the total traded volume on the three exchanges at about an average $7.4 billion. -Reuters

0.2% -1.1% 1.6% 0.2% 5.51B 61.2B 74.8% 0.2%

-0.5% 5.62B 47.5B 74.8% 0.3%

Currency Rates Name EUR-USD EUR-GBP EUR-CHF EUR-JPY USD-CHF USD-CAD GBP-USD GBP-JPY AUD-USD EUR-CAD CHF-JPY Gold Silver

As per 22.00 PST Ask High 1.3987 1.3997 0.8788 0.8794 1.3375 1.34 113.62 113.87 0.9564 0.9647 1.0157 1.0225 1.2927 1.6002 129.35 130.21 0.9918 0.9472 1.4205 1.4209 84.96 85.03 1371.38 1372.20 24.47 24.49

Bid 1.3985 0.8783 1.337 113.57 0.9559 1.0153 1.5922 129.28 0.9913 1.4198 84.89 1370.63 24.44

Low 1.3833 0.871 1.3309 112.44 0.9544 1.0119 1.5893 128.73 0.9375 1.4114 84.26 435.00 23.78

London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 18/10/2010 A USD GBP CAD EUR JPY O/N 0.22688 0.55125 1.05167 0.67750 SN 0.09500 1WK 0.25150 0.55500 1.07250 0.69500 0.10875 2WK 0.25169 0.56125 1.09750 0.71000 0.11500 1MO 0.25625 0.56875 1.13583 0.73000 0.12750 2MO 0.27172 0.62650 1.18083 0.78625 0.15438 3MO 0.28906 0.73850 1.24500 0.93688 0.19875 4MO 0.34219 0.82272 1.30833 0.99625 0.28438 5MO 0.40281 0.92563 1.36500 1.08250 0.34188 6MO 0.45250 1.02750 1.44000 1.18531 0.40188 7MO 0.50219 1.10225 1.50000 1.22938 0.46250 8MO 0.55038 1.18444 1.58667 1.27313 0.51063 9MO 0.60063 1.26500 1.64667 1.32563 0.56063 10MO 0.65400 1.33938 1.71833 1.37188 0.58938 11MO 0.70688 1.40688 1.80167 1.42219 0.61625 12MO 0.76550 1.47444 1.87833 1.46969 0.64563

Major Central Banks Overview Central Bank

Next Meeting

Last Change

Bank of Canada European Central Bank Federal Reserve Swiss National Bank Bank of England The Reserve Bank of Australia Bank of Japan

Oct 19 2010 Nov 04 2010 Nov 03 2010 Dec 16 2010 n/a n/a n/a

Sep 08 2010 May 07 2009 Dec 16 2008 Mar 12 2009 Mar 05 2009 May 04 2010 Oct 05 2010

Current Interest Rate 1% 1% 0.25% 0.25% 0.50% 4.50% 0%

Division of National Bank of Pakistan (NBP) KARACHI, October 18,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND

86.10 137.14 119.54 84.60 89.51 84.80 12.90 1.06 14.76 66.00 16.03 22.96 11.10 12.95 305.09 27.84 64.75 23.65 23.44 0.08 2.88

85.90 136.82 119.26 84.40 89.30 84.60 12.87 1.06 14.73 65.84 15.99 22.91 11.07 12.92 304.38 27.77 64.60 23.59 23.39 0.08 2.87

85.71 136.51 118.98 84.18 89.07 84.38 12.83 1.05 14.69 65.67 15.95 22.85 11.04 12.89 303.58 27.70 64.43 23.53 23.33 0.08 2.87

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for October 18, 2010

CMKA

BMA

0-7days

12.05

12.00

11.90

11.90

12.00

11.95

11.97

8-15dys

12.15

12.20

INVSR 12.00

GSL 12.10

ICSL 12.10

JSCM AvgRate 12.05

12.10

16-30dys

12.25

12.20

12.15

12.25

12.25

12.25

12.23

31-60dys

12.45

12.33

12.30

12.35

12.60

12.40

12.41

61-90dys

12.65

12.58

12.55

12.70

12.60

12.65

12.62

91-120dys

12.80

12.75

12.75

12.90

12.80

12.75

12.79

121-180dys

12.95

12.90

12.95

13.00

12.95

12.95

12.95

181-270dys

13.05

13.05

13.05

13.10

13.10

13.05

13.07

271-365dys

13.20

13.15

13.15

13.26

13.20

13.20

13.19

2-- years

13.40

13.40

13.38

13.40

13.35

13.35

13.38

3-- years

13.60

13.60

13.68

13.60

13.60

13.68

13.63

4-- years

13.70

13.70

13.70

13.65

13.73

13.70

13.70

5-- years

13.70

13.75

13.75

13.70

13.75

13.78

13.74

6-- years

13.75

13.75

13.78

13.75

13.75

13.80

13.76

7-- years

13.75

13.80

13.78

13.76

13.75

13.80

13.77

8-- years

13.70

13.62

13.75

13.77

13.75

13.75

13.72

9-- years

13.65

13.62

13.65

13.60

13.65

13.65

13.64

10--years

13.75

13.75

13.80

13.85

13.75

13.80

13.78

15--years

14.25

14.33

14.25

14.15

14.20

14.25

14.24

20--years

14.40

14.50

14.30

14.20

14.30

14.35

14.34

Currencies Correlation USD/JPY Period 1 1 3 6 1 2

AUD/USD EUR/CHF EUR/GBP EUR/JPY

week month months months year years

-0.89 -0.99 -0.80 -0.57 -0.33 -0.60

-0.28 -0.86 0.38 0.82 0.62 0.66

-0.28 -0.96 -0.65 0.13 0.39 0.06

-0.18 -0.77 -0.08 0.54 0.54 0.60

EUR/USD GBP/USD -0.83 -0.98 -0.65 -0.53 0.09 -0.05

-0.75 -0.92 -0.46 -0.75 -0.19 -0.10

NZD/USD USD/CAD -0.58 -0.97 -0.59 -0.57 -0.32 -0.58

0.61 0.90 0.48 -0.03 -0.07 0.57

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)18/10/2010 1WEEK

2 WEEK

1 MONTH

3 MONTH

6 MONTH

9 MONTH

1YEAR

2YEARS

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

ABLN 11.60

12.10

11.75

12.25

12.15

12.65

12.75

13.00

12.90

13.15

13.10

13.60

13.25

13.75

13.35

13.85

JSBL

12.10

12.60

12.20

12.70

12.30

12.80

12.80

13.05

13.10

13.35

13.20

13.70

13.30

13.80

1350

14.00

ASPK 11.60 CIPK

ABPL

ASK 0.00

12.10

12.00

12.50

12.20

12.70

12.70

12.95

12.90

13.15

13.10

13.60

13.20

13.70

1330

13.80

11.70

12.20

11.90

12.40

12.30

12.80

12.70

12.95

12.90

13.15

13.00

13.50

13.15

13.65

1320

13.70

DBPK 11.50

12.00

11.70

12.20

12.10

12.60

12.70

12.95

12.90

13.15

13.15

13.65

13.25

13.75

1335

13.85

FBPK

11.65

12.15

11.80

12.30

12.00

12.50

12.60

12.85

13.00

13.25

13.10

13.60

13.15

13.65

1340

13.90

F LAH 11.75

12.25

11.85

12.35

12.30

12.80

12.75

13.00

12.95

13.20

13.10

13.60

13.20

13.70

1330

HBPK 11.60

12.10

11.85

12.35

12.20

12.70

12.75

13.00

13.00

13.25

13.10

13.60

13.20

13.70

1335

13.85

HKBP 11.85

12.35

12.00

12.50

12.20

12.70

12.75

13.00

12.90

13.15

13.10

13.60

13.20

13.70

1330

13.80

N I P K 11.75

12.25

12.15

12.65

12.65

13.15

12.85

13.10

13.00

13.25

13.10

13.60

13.20

13.70

1330

13.80

HMBP 11.65

12.15

11.85

12.35

12.40

12.90

12.80

13.05

13.05

13.30

13.15

13.65

13.20

13.70

SAMB 11.75

12.25

11.90

12.40

12.25

12.75

12.80

13.05

13.00

13.25

13.15

13.65

13.25

13.75

1335

13.85

MCBK 11.60

12.10

12.00

12.50

12.40

12.90

12.75

13.00

12.95

13.20

13.10

13.60

13.20

13.70

1340

13.90

NBPK 11.80

12.30

11.90

12.40

12.10

12.60

12.70

12.95

12.80

13.05

13.10

13.60

13.20

13.70

1330

13.80

S CP K 11.70

12.20

11.90

12.40

12.15

12.65

12.70

12.95

12.95

13.20

13.10

13.60

13.15

13.65

1335

13.85

UBPL 11.75

12.25

11.90

12.40

12.15

12.65

12.65

12.90

13.00

13.25

13.10

13.60

13.20

13.70

1330

13.80

AVE

12.19

11.91

12.41

12.22

12.72

12.74

12.99

12.96

13.21

13.11

13.61

13.21

13.71

1333

13.83

11.69

1330

13.80

13.80


4 Tuesday, October 19, 2010

A Quiet Revolution in an Unquiet Turkey

The Financial Daily International Vol 4, Issue 75

Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA

S. Muneer Hussain Rizvi

Asim Abbas Ashary, CPA

Khurram Shehzad, CFA

Akhtar M. Zaidi, FCA

Prof. Zakaria Sajid (KU)

Dr. A. Hadi Shahid, FCA

Zahid Bukhari SVP HBL (retd)

Muhammad Arif

Ismat Sabir Head office

111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com

Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com

Fiscal deficit at large It is more than evident that the political turmoil is not allowing the government to focus on the key issues facing the country, the most contentious being fiscal and monetary indiscipline. Expenditures are on the rise post-floods abetted by ongoing operations in the northern areas. Subdued economy is also keeping tax collection low. Added to this is the delay in imposing RGST already committed with the International Monetary Fund (IMF). Imposing this tax is becoming increasingly difficult for the government because of the opposition by the trade and industry and failure to put in place the collection infrastructure. Some of the experts are also of the opinion that the gap could be bridged not by imposing RGST but by simply following austerity drive. However, elected representatives seem adamant on introducing novel ways to squeeze more juice out of those who are already paying taxes but are not ready to curtail their own extravaganzas. The government's inability to improve revenue collection has become a nightmare based on habit of postponing tough decisions. While, some of the experts term it lack of political will the others inability to comprehend gravity of the situation and introducing measures that work. This is evident from the budget deficit rising to 1.6 per cent of GDP for 1QFY11. In absolute terms, this translates into Rs274 billion. The government's economic team had communicated to the IMF that its fiscal deficit for 1QFY11 should remain around Rs241billion or 1.4 per cent of GDP, with full-year target remaining at 5.2 per cent of GDP. It appears as if the government has taken a special concession to slightly exceed the 1QFY11 deficit target due to the floods in August. Failure to meet the agreed deficit target can be attributed to the inability of the government to generate even the agreed amount of revenue. The FBR managed to collect Rs290 billion during 1QFY11 against a targeted amount of Rs336 billion, which represents a deficit of Rs46 billion. Pakistan's expenditures on war on terror are also outstanding because of delay in getting payment from the US. The government believes that total dues under coalition support fund have reached Rs215 billion, of which Rs121 billion have been earmarked as a resource component of the FY11 federal budget. The US and Pakistan are expected to engage in a policy dialogue on October 21-22 in Washington, where the issue of outstanding dues is expected to be brought up. The government's failure to get the RGST bill passed by the parliament and all the four provincial assemblies and delay in release of funds by the US are likely to push the deficit beyond 6 per cent of GDP. The government expects RGST to be levied from December 01, 2010, a delay of five months from the initially agreed deadline of July 01, 2010 deadline. Analysts expect the budget deficit for FY11 to be around 6.5 per cent of GDP, mainly due to inherent weakness in tax collection regime.

Disclaimer:

All reports and recommendations have been prepared for your information only. Summary and Analysis are not recommendation to buy or sell. This information should only be used by investors who are aware of the risk inherent in securities trading. The facts, information, data, indicators and charts presented have been obtained from sources believed to be reliable, but their accuracy and completeness cannot be guaranteed. The Financial Daily International and its employees are not responsible for any loss arising from use of these reports and recommendations.

F

reshman Busra Gungor won't have to wear a wig to cover her Islamic headscarf, as many pious relatives and friends did to avoid getting kicked off campus. In a landmark decision, Turkey's Higher Education Board earlier this month ordered ISTANBUL University, one of the country's biggest, to stop teachers from expelling from classrooms female students who do not comply with a ban on the headscarf. It was the latest twist in a long political and legal tussle in Turkey between those who see the garment as a symbol of their Muslim faith and those who view it as a challenge to the country's secular constitution. "I was ready to wear the wig, just like my cousin did," said Gungor, a 18-yearold student wearing a pastel-coloured headscarf. "This is about my freedom. I don't see why my headscarf should be seen as a threat to anybody." The debate is not unique to Turkey -France and Kosovo, for example, ban headscarves in public schools, and parts of Germany bar teachers from wearing them. But it goes to the heart of national identity in this country of 75 million Muslims whose modern state was founded as a radical secular republic after World War One. Disputes over the headscarf and other public symbols of Islam are part of a wider debate over how to reconcile modernity and tradition as Turkey tries to achieve its decades-old ambition to join the European Union. Together with the courts, Turkey's army -- which has a long history of intervening in politics and has ousted four elected governments -- has long seen itself as a bulwark against any roll back towards Islamisation. Easing Turkey's secular laws would have been

unthinkable a few years ago. But reforms aimed at bringing Turkey closer to the EU have clipped the generals' power. In a sign of how influence and attitudes are shifting, the latest change on headscarves happened with

it is a violation of individual freedoms and incompatible with a modern democracy. Supporters say the prohibition is necessary precisely to defend Turkey's democratic values. "Turkey needs to find a new relationship between state and religion," Ergun Ozbudun, an constitutional expert, said at a recent lunch with EU ambassadors and journalists. Prime Minister Tayyip Erdogan, who comfortably won a referendum last month on government-sponsored constitutional reforms, has declared plans for a brand new basic law. Seen as clear favourite in 2011 elections, the AKP is widely expected to try again to remove the headscarf ban. Among reforms approved in last month's referendum were an overhaul of the Constitutional Court, traditionally dominated by secularist judges. TURNING TIDE Until the decision by the Higher Education Board, girls from religiously conservative families say they had to wear hats or wigs to conceal their head-

In a landmark decision, Turkey's Higher Education Board earlier this month ordered ISTANBUL University, one of the country's biggest, to stop teachers from expelling from classrooms female students who do not comply with a ban on the headscarf. more of a whimper than a bang. "This is the same fight Turkey has had for 80 years over the secular-pious issue," writer Mehmet Ali Birand commented in an article entitled "Let them dress the way they want". "The world has changed. Turkey has changed. Let's close those old books and look into the future," Birand said. NEW CLASS A bid by the ruling AK party to lift the headscarf ban three years ago sparked a major political crisis and almost led to the party being closed by the Constitutional Court for anti-secular activities. But the rise of a new class of observant Muslims to form the backbone of the AKP, which has its roots in political Islam and has held power since 2002, is challenging old notions. Opponents of the headscarf ban -- in place since a 1982 military coup -- say

the headscarf. "I don't think we will feel pressure to cover here in ISTANBUL, but I believe there could be a risk in most universities in Anatolian cities," said 18-yearold Begum Yildiz, a female student smoking a cigarette outside the university's entrance. Another student who did not give her name was less sanguine: "I don't want the ban to be lifted. I know many girls whose families force them to wear the headscarf and they take it off at college. University has been a place for them to feel free." Pinar Gedik, a student of Arabic who wears a pink headscarf, said the ban was still being enforced in some faculties. "I can attend classes with my headscarf now, but it's still banned in many departments. The pressure is still there." Although symbols of Islam are now more common in the public sphere, sensibilities are still raw. The talk of the town these days is whether generals and secularist politicians will attend a Oct. 29 reception at the presidential palace on National Day. president Abdullah Gul, whose wife wears a headscarf as does Erdogan's, traditionally hosts two separate receptions for guests with covered and uncovered wives. This year he plans to hold one ball. Muharrem Ince, a senior MP from the secularist Republican People's Party, has said his party will boycott the ceremony. "The president is changing the tradition of double receptions. This is because the AKP want to impose the headscarf not only at universities but from top to bottom," he said.-Reuters

Opponents of the headscarf ban -- in place since a 1982 military coup -- say it is a violation of individual freedoms and incompatible with a modern democracy. Supporters say the prohibition is necessary precisely to defend Turkey's democratic values scarves in order to attend classes. Others decided to stay at home. As the tide turns, some secularists fear growing social conservatism and "neighbourhood pressure" will force them to change their lifestyle and adopt

Dollar’s Asian fall Good for the world T

he dollar this week touched its lowest level for 2010. That little Singapore's adoption of a higher trading band helped trigger the sell-off adds to the talk of its demise. The expectation of more quantitative easing at home is certainly not helping the US currency. But the relative rise of Asian currencies is a good thing. Global rebalancing has been called for: this is it. Asian currencies need to revalue. Many economies are growing fast, with exports a key driver. The countries run trade surpluses and also attract large capital flows. Their response has been to try to prevent currency appreciation. That means soaring foreign

exchange reserves, excess money growth - and the risk of inflation and asset bubbles. Take Singapore. The government expects GDP growth of

2010 and stay high." Appreciation of the Singapore dollar would help by reducing the cost of imported goods. And Singaporean consumers

Korea's inflation rate has risen to 3.6 per cent but the central bank this week held back from raising its 2.25 per cent policy rate for fear of pushing the won

Asian currencies need to revalue. Many economies are growing fast, with exports a key driver. The countries run trade surpluses and also attract large capital flows. Their response has been to try to prevent currency appreciation. That means soaring foreign exchange reserves, excess money growth - and the risk of inflation and asset bubbles

between 13 per cent and 15 per cent this year. The Monetary Authority of Singapore is worried that inflation will "rise to around 4 per cent by the end of

won't say no to cheaper imports - they've earned them. Other Asian economies see similar pressures but are not all reacting the same way. South

still higher. The big outlier, however, is China, whose fixed exchange rate has been allowed to rise by only 2 per cent against the dol-

lar since June, after being fixed for the previous two years. For the rest of Asia, this means that allowing currencies to appreciate against the dollar means losing competitiveness to China - a clear deterrent to revaluation. The likelihood is that at the G20 meeting in Seoul in November many Asian countries will press China hard to let the yuan rise faster. The trend, however, is clear. Rapid growth tends to lead naturally to currency appreciation. Provided it is allowed to happen, that will stoke import demand in Asia, helping depressed western economies recover. For all the gloom, the dollar's fall isn't harmful.Reuters

Germans debate Islam, migration G

ermany's inflamed public debate about Islam and integration risks serious overheating as politicians compete to make ever tougher statements criticising Muslims immigrants they accuse of refusing to fit in there. The escalating row, sparked off when a Bundesbank board member slammed Muslims as dim-witted welfare spongers, has mixed some social problems and some Muslim customs into a vision of Islam as a looming menace to German society. When President Christian Wulff tried to build bridges by saying Islam was now part of German society, critics retorted the country was based on "Judeo-Christian values" and should not accept any more immigrants from foreign cultures. Amid the uproar, many politicians and media have lumped together about four million residents -- Turks, Arabs, Afghans, converts and others, many with German citizenship -- simply as Muslims and tarred them all with problems many do not have. The debate crackles with harsh terms like "Germanophobia" and "integration refusers" that signal growing frustration with the difficulty Germany has had with

people it allowed into the country but did not welcome into the society. "The discourse about Muslims in Germany is gradually taking on hysterical forms," wrote Andreas Petzold, editor-inchief of the weekly magazine Stern. "It's very off-putting to watch this cascade of debates that, in the end, all focus on Islam." The criticism comes mainly from the ruling Christian Democratic (CDU) and Free Democratic parties, whose ratings have slumped so badly this year because of economic problems that their opponents accuse them of using Islam as a scapegoat. Concerns about Muslims have also risen after police shut down a radical Hamburg mosque linked to the Sept 11, 2001 attacks in the United States and several countries issued security warnings based partly on suspected terror cells in Germany. Officials in the CDU's conservative Bavarian sister party, the Christian Social Union (CSU), say they need to tackle these issues head on so no extremist leader emerges to their right like Geert Wilders has established himself in the Netherlands. RISING RESENTMENT OF MUS-

LIMS A new study last week gave some statistical shape to the tense debate by showing what it called "a rise in decidedly antidemocratic and racist views ... and a slight increase in social Darwinist ideas of inequality." Polls by the Friedrich Ebert Foundation, which is close to the opposition Social Democratic Party (SPD), showed 58 per cent of those surveyed said Muslims' rights to practice their religion in Germany should be considerably limited. The group agreeing with the statement "I don't like Arabs" rose from 44 per cent in a 2003 poll to 55 per cent this year. The study said opinions once limited to the neo-Nazi scene were now spreading across German society more widely. "A highly level of right-wing extremist views can be found throughout different groups of the population," it said. The current debate flared up in August when Bundesbank council member Thilo Sarrazin published a book portraying Muslims as a lumpenproletariat due to outbreed native Germans. He resigned under pressure from the bank, but polls showed many Germans supported him. The bright red cover of his

polemic "Germany Abolishes Itself" stands out like a warning signal on bestseller tables at bookshops around the country. Wulff acknowledged a demographic fact in his Oct 3 German Unity Day address when he said Islam was now part of Germany because of all the Muslims living here, but several politicians have since rushed to deny this. Horst Seehofer, head of the Christian Social Union (CSU) in heavily Catholic Bavaria, called for an end to immigration from "foreign cultures" and insisted German society was based on "JudeoChristian values" that Islam did not share. Noting reports of some immigrant youths bullying German pupils in school, Family Affairs Minister Kristina Schroeder warned about a rising "Germanophobia," a jarring new term meant to describe a kind of Muslim reverse racism against Germans. Chancellor Angela Merkel has reacted by ratcheting up her own comments, declaring that sharia could not replace German law -- an issue almost nobody was debating -- and that Germany's attempt to create a multicultural society had "utterly failed."-Reuters


5

Tuesday, October 19, 2010

South East Asian stocks

EU shares close up as Citi results lift banks KSE-100 Index Opening Closing Change % Change Turnover (mn)

10,431.84 10,484.39 52.55 0.50 103.15

LSE-25 Index Opening Closing Change % Change Turnover (mn)

3,244.41 3,269.83 25.42 0.78 4.86

ISE-10 Index Opening Closing Change % Change Turnover (mn)

2,668.49 2,677.09 8.60 0.32 0.17

Major Gainers

Symbol

Close

Change

RMPL COLG FZTM BHAT EXIDE

1,428.00 768.00 333.55 198.00 148.98

58.00 28.00 13.55 9.00 6.08

Major Losers

Symbol

Close

Change

SIEM 1,152.00 WYETH 800.33 MTL 457.40 NESTLE 1,924.11 LAKST 340.00

-37.99 -29.73 -23.5 -16.89 -13.68

Top 5 Volume Leaders

Symbol

Close Vol (mn)

LOTPTA JSCL AHSL DGKC NBP

9.69 9.82 23.24 26.36 65.57

16.90 14.64 6.07 5.38 4.74

Active Issues Plus Minus Unchanged

209 170 26

Sector Updates FERTILISER Urea Offtake (Jan to July 10) 3,565 Urea Offtake (July 10) 580 Urea Price (Rs/50 kg) 879 DAP Offtake (Jan to July 09) 374 DAP Offtake (July 10) 49 DAP Price (Rs/50 kg) 2,626

AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 09 to June 10) 71,998 Sales (July 09 to June 10) 73,993 Production (July 10) 7,509 Sales (July 10) 4,503

INDUS MOTOR CO Production (July 09 to June 10) 50,557 Sales (July 09 to June 10) 50,823 Production (July 10) 5,162 Sales (July 10) 4,999

HONDA ATLAS CAR Production (July 09 to June 10) 13,500 Sales (July 09 to June 10) 14,120 Production (July 10) 1,560 Sales (July 10) 1,272

DEWAN FAROOQ MOTORS Production (July 09 to June 10)1,218 Sales (July 09 to June 10) 1,371 Production (July 10) 41 Sales (July 10) 40

BANKING SECTOR Scheduled bank (Rs in mn) Deposit (August 20,10) 4,595,176 Advances (August 20,10) 3,304,533 Investments (August 20,10) 1,788,671 Spread (July 2010) 7.51%

OIL MARKETING CO (000 tons) MS (Jul 09 to June 10) MS (July 10) Kerosene (Jul 09 to June 10) Kerosene (July 10) JP (Jul 09 to June 10) JP (July 10) HSD (Jul 09 to June 10) HSD (July 10) LDO (Jul 09 to June 10) LDO (July 10) Fuel Oil (Jul 09 to June 10) Fuel Oil (July 10) Others (Jul 09 to June 10) Others (July 10)

PRICES (Ex-Refinery) MS (1 Sep 10) MS (1 Aug 10) MS % Chg Kerosene (1 Sep 10) Kerosene (1 Aug 10) Kerosene % Chg JP-1 (1 Sep 10) JP-1 (1 Aug 10) JP-1 % Chg HSD (1 Sep 10) HSD (1 Aug 10) HSD % Chg LDO (1 Sep 10) LDO (1 Aug 10) LDO % Chg Fuel Oil (1 Sep 10) Fuel Oil (1 Aug 10)

Khi stocks hit highest since Jun 30 Nawaz Ali KARACHI: Despite many odds Karachi Stock Exchange (KSE) opened the new week on a rather bullish note as the benchmark 100 Index closed at a two and a half month high spurred by expectations of strong corporate results and foreign buying. Investors seemed little concerned about by-election related killings over the weekend in the country's industrial and financial hub but discounted it. The KSE-100 index closed at 10,484 points with a gain of 52.55 points or half a per cent. This was the highest closing since July 30 this year. However, day's turnover was lower at 103 million shares as compared to 112 million shares traded on Friday. Reportedly, more than 30 people were killed on weekend, mostly in target- killing leading to announcement of resignation by governor

US stocks mid-day

000 tonnes

1,933 188 164 15 1,377 129 7,435 664 75 7 9,259 869 13 1

Rs 40.85 41.22 -0.90% 47.14 46.55 1.27% 47.37 46.78 1.26% 50.61 49.63 1.97% 46.37 45.29 2.38% 39,932 39,723

Mostly lower, Thailand wary about rate outlook

Wall St rises on financials, Citi results NEW YORK: US stocks rose, led by gains in financials as Citigroup reported strongerthan-expected profits and concerns eased about the sector's potential exposure to foreclosure problems. Citigroup Inc shares jumped 3.8 per cent to $US4.10, helped to support bank shares, while the S&P 500 financial index advanced 1.2 per cent. The index was down 2.4 per cent last week amid worries over that bank profits could be affected by a broad probe into foreclosure practices. Citigroup reported its third consecutive quarterly profit and topped estimates. Last week, JPMorgan Chase and Co posted results that beat expectations. For details see and "The financials last week were getting hammered over questions over foreclosure proceedings ... now it doesn't seem to be as all-encompassing," Cantor Fitzgerald & Co US market strategist Marc Pado said. Corporate results so far suggest "the banks are slowly See # 10 Page 11

Sindh and enhanced fear of Muttahida Qaumi Movement (MQM) pulling itself out of the coalition government, a point which makes residents of Sindh jittery. Exercising prudence President Asif Ali Zardari declined to accept his resignation and assured him to remove the apprehensions. In this regard interior minister was sent to Karachi to look into the complaints and find plausible solution. On the other hand, KSE All Share Index increased by 0.47 per cent or 34.15 points to end at 7,301.46, KSE 30Index inched down by 0.10 per cent or 10.06 points to conclude at 10,084.74, and KMI 30-Index moved higher by 0.04 per cent or 6.09 points to finish the day at 16,471.78 levels. Out of 405 active scrips, prices of 209 scrips went up, 170 witnessed decline and 26 remained unchanged. "Market sentiment remained positive throughout the session ahead of major

earnings announcement this week," said Ahsan Mehanti, Director at Arif Habib Investments. Two of the quality scrips will announce their 1QFY11 financial results during the week. Pakistan Petroleum is scheduled to announce its quarterly results today (Tuesday) to be followed by Pakistan State Oil on Thursday. Monday's top volume leaders were Lotte Pakistan PTA, Jahangir Siddiqui & Company, Arif Habib Securities, D. G.Khan Cement and National Bank of Pakistan. Top five companies registering highest increase in price were Rafhan Maize Product, Colgate Palmolive, Fazal Textile, Bhanero Textile and Exide Pakistan. Five companies witnessing highest erosion in value were Siemens Pakistan, Wyeth Pakistan, Millat Tractors, Nestle Pakistan and Lakson Tobacco.

Nikkei flat; caution over yen, earnings TOKYO: Nikkei average ended almost flat on Monday, pressured by the yen which stayed near a 15-year high against the dollar and as investors turned cautious ahead of US bank results and the earnings reporting season at home. The market also struggled to find clear direction due to a dearth of immediate marketmoving incentives, with investors looking to take cues from a Group of 20 nations meeting later in the week and the Federal Reserve's monetary policy meeting early next month. "One of the reasons why investors were reluctant to move actively is that they want to see third-quarter US earnings, with Citigroup reporting later in the day," said Kazutaka Oshima, president of Rakuten Investment Management. "What's behind this is a tugof-war among views on the United States implementing additional easing measures. If earnings results show that US companies are actually generating strong profits, that would weaken the case for easing expectations." The US earnings reporting period picks up steam this

week, with 109 S&P 500 companies and 11 Dow components due to report. Among them will be Goldman Sachs, Bank of America, Citigroup and Morgan Stanley. On Monday, the benchmark Nikkei fell 1.76 points to 9,498.49, while the broader Topix inched up 0.5 per cent to 830.52. In Asia trade, the yen edged up to 81.20 against the dollar, holding near a 15-year high of 80.88 reached on the EBS platform last week. Shares of Mazda Motor Corp slipped 0.9 per cent after a source with knowledge of the matter said Ford Motor Co was planning to sell almost all its remaining stake in the Japanese auto company. Shares of other exporters were mixed, with Sony Corp up 1.8 per cent at 2,659 yen and TOKYO Electron Ltd down 1.1 per cent at 4,715 yen. The Nikkei drew support from the Nasdaq, which rose more than 1 per cent as Google surged after blowout thirdquarter results on Friday, but traders were expected to be careful about chasing Japanese shares on rallies as the yen remained strong. See # 9 Page 11

FTSE rallies on oils, financials LONDON: The FTSE 100 index ended 39.15 points, or 0.7 per cent, higher at 5,742.52 after falling last Thursday and Friday. The index is up 6 per cent so far this year. Energy shares featured among the top gainers, tracking a jump of 1.5 per cent in crude prices on strikes at French refineries. Royal Dutch Shell , BG Group and Tullow Oil added 0.7 to 2.3 per cent. Risky assets such as equities were also helped by economic numbers. Data showed US industrial production unexpectedly fell in September, while capacity utilisation eased slightly. "US industrial production report may have reaffirmed hopes that we will receive some additional measures by central banks going forward and that See # 8 Page 11

ABL earnings surge 16.7pc Aamir Abidi KARACHI: Allied Bank Limited (ABL) has announced its financial result for the period ended 9MCY10, said a notice issued to Karachi Stock Exchange (KSE). According to details, the profit for the period ended increased by 16.7 per cent to Rs5.85 billion (EPS: Rs7.48) as compared to Rs5.01 billion (EPS: Rs6.41) in the same period of last year. The QoQ profit soared by 21.1 per cent to Rs2.23 billion (EPS: Rs2.85) for 3QCY10 as compared to Rs 1.84 billion (EPS: Rs2.36) in 2QCY10. Interest income of the bank rose by 9.32 per cent to Rs33.25 billion for 9MCY10 against Rs30.42 billion in the same period last year. On the other side, interest expenses dipped by 0.52 per cent to Rs16.7 billion compared to Rs16.79 billion in 9MCY09. The bank recorded Rs3.15 billion as non-performing loan against advances for 9MCY10 against Rs3.34 billion in 9MFY09, while operating expenditure increased by 17 per cent to Rs8.14 billion for the period under review.

Indian shares edge up; Coal India IPO opens MUMBAI: The BSE Sensex reversed early losses and eked out a 0.2 per cent gain on Monday, as robust foreign fund interest and strong September quarter earnings overshadowed the pressure from the launch of the country's biggest-ever initial share offer. Outsourcers led the gains. Coal India launched its $3.5 billion initial public offering, with its lower-than-expected pricing and exposure to India's booming electricity demand expected to draw solid investor interest. Net foreign fund inflows into Indian equities, including primary market offers, have totalled to $23.2 billion year to date, which has helped the benchmark index gain 15.5 per cent. The 30-share BSE index

closed 0.22 per cent or 43.84 points higher at 20,168.89, with 13 of its components closing in the green. It fell as much as 1.3 per cent earlier to 19,870.51 points, its lowest level this month. "I think it is just going to be a bit choppy. With a big IPO like Coal India around, some liquidity is definitely going to be absorbed by the issue. But, it is not a big concern," said Sandip Raichura, business head at PINC Money Wealth Management. "We strongly recommend the (Coal India) issue. It is a sector which people otherwise didn't have access to. Its a different asset class by itself." Raichura also said domestic stocks are not insulated from world market jitters. See # 7 Page 11

Result Preview

PPL profit seen up at 55pc in 1QFY11 Ghulam Raza Rajani KARACHI: Pakistan Petroleum Limited (PPL) is scheduled to announce its results today for a period of three months ended September 30, 2010. According to the "The Financial daily" Research the company profit after taxation is likely to show a growth of 55 per cent to Rs7.71 billion for the 1st quarter of the fiscal year 2010-11, translating into a diluted EPS (earning per share) of Rs6.45. In 1QFY10, the company had posted a profit of Rs4.97 billion with a diluted EPS of Rs4.16. We do not predict any payout with the results. Net sales revenue is likely to increase by 50.3 per cent to

Rs18.3 billion as against Rs12.18 billion in 1QFY10. The upsurge in sales was primarily a result of increase in average wellhead gas price by 3.7 per cent for 1HFY11, a surge in average price of crude oil during 1QFY11 by 8.8 per cent YoY to $74.04 a barrel against $68.07 a barrel (Arab Light) in 1QFY10, and 26 per cent increase in other operating income. Field expenditure is expected to increase by 35.7 per cent at Rs4.47 billion as compared to 3.3 billion in 1QFY10. Moreover, other operating income is likely to add significantly towards profitability of the company as it surged by 25.6 per cent to Rs716 million 1QFY10 compared to Rs 570 million previously.

ANNOUNCEMENTS Company Period Telecard Yearly Punjab Modaraba Yearly Latif Jute 1st Qtr Sanofi-Aventis 3rd Qtr Allied Bank Ltd 3rd Qtr Allied Bank Ltd(Consolidated)3rd Qtr

Div/Bon/Right 1%(D) 1%(D) -

PAT (Rs in mn) 698.462 7.031 0.599 121.191 5,848.724 5,888.135

EPS(Rs) 2.33 0.21 0.17 12.57 7.48 7.53

Dhiyan

BULLISHNESS IS FORECAST Kashif Mustufa, Namco Market momentum would gain more torque with easing political tensions and increasing foreign interest. Foreign investors are raising their stake in the local bourses without a letup which, if continues would be an added boost to the current standing of the stocks. Same goes for the tussle among institutions, the slackening of which would strengthen the market fundamentals even further. If things turn out as desired the outcome could be a rally that would catapult the market to a level of 11,000 points. The overall outlook is positive. Foreign investors are seen diversifying their portfolios turning heads towards stocks other than oils --most probably the banks of the best repute. The word to the wise is value-stocks in E&P sector are the picks of the day so go for what pays.

Hong Kong falls

Shanghai plunges in highest vols in 10yrs HONG KONG: Hong Kong and China stocks fell on Monday in a pullback following recent gains, with Shanghai paring gains after failing to hold above a key psychological level in its highest volume in at least 10 years. China's key stock index, the Shanghai Composite Index, finished down 0.5 per cent at 2,955.2 after it briefly traded above 3,000 points, buoyed partly by property and Steel stocks and on the prospect of

more liquidity globally and in the domestic market. Volume was at 299 billion yuan ($45.03 billion), its highest in at least 10 years, compared with 271 billion yuan last Friday. The index reversed for the first time in six consecutive days after posting an 8.4 per cent rise last week, its biggest weekly gain since February 2009. Analysts said the index faces pressure in the near term from

profit taking after rising so rapidly without any significant correction. The index's 14-day relative strength index has reached a reading of 78 per cent, compared with an overbought mark of 70. But traders said large drops were unlikely, with ample liquidity likely to support the index to trade narrowly around 3,000 points. "This pullback is expected. The market required a See # 11 Page 11

Munir Khanani, Muhammad Munir Ahmed Khanani Securities Market looks bullishly good. Reconciliation among institutions and a harmonious political scene would act as a fuel to the fires of a rally that would endure. The volumes could multiply to such a measure that market would be bursting at the seams given all these highly soughtafter conditions come to pass and put stay. These days most of the trading is being done in return-based scrips, so investors better take aim at such stocks. As far as MTS is concerned it's not going to be a great help to everyone as discount rate is too high to borrow at the moment. Investors are suggested to lay hands on strong payout-bearing stocks. Investment is advisable in PPL, Attock Petroleum, Attock Cement, Fauji Fertiliser, FFC Jordan etc.


6

Tuesday, October 19, 2010

Market

KSE 100 Index

Symbols

Volume

103,148,013

Value

3,209,286,351

Trades

58,344

Advanced Declined Unchanged Total

Current High Low Change

209 170 26 405

All Share Index

10,484.39 10,537.35 10,431.84 h52.55

Current High Low Change

7,301.46 7,335.60 7,267.31 h34.15

OIL AND GAS

Company

Paid up Cap(mn)

Attock PetroleumSPOT 576 Attock Refinery 853 BYCO Petroleum 3921 Mari Gas Company 735 National Refinery XD 800 Oil & Gas Development XD 43009 Pak Petroleum 11950 Pak Oilfields XD 2365 Pak Refinery Limited 350 PSO XD 1715 Shell Gas LPG 226 Shell Pakistan XD 685

PE 5.65 16.57 16.92 5.19 10.54 5.85 5.88 4.59 14.83 9.97

Open 364.51 90.88 10.57 119.40 206.39 151.17 186.37 231.38 77.02 273.06 31.36 194.25

High 369.45 92.40 10.84 125.37 210.99 154.05 188.74 234.95 80.87 274.40 32.92 196.98

High Low 1,348.73 1,323.79 Total cos Defaulter cos P/BV (x) ROE (%) 4.16 37.01 Low 364.85 90.50 10.52 121.49 203.00 151.00 185.81 231.20 77.00 270.40 31.95 193.60

Close Chg 367.20 2.69 91.15 0.27 10.68 0.11 124.84 5.44 208.54 2.15 152.73 1.56 186.60 0.23 231.81 0.43 80.87 3.85 271.12 -1.94 32.92 1.56 194.38 0.13

Current High Low Change

KMI 30 Index Current High Low Change

10,084.74 10,138.47 10,047.08 i10.06

16,471.78 16,597.42 16,458.56 h6.09

Last 60 days High Low

Volume 217995 1596822 803358 318265 281231 1193127 933410 614823 39782 412160 23855 35293

374.20 92.65 12.96 138.45 230.84 154.05 214.10 251.24 80.87 289.45 39.80 244.00

% Change 0.59 5-Day High 1,335.07 5-Day Low 1,303.91

2009 Div BR (%) (%)

2010 Div BR (%) (%)

295.10 250 73.47 9.62 106.00 32.17 100B 183.25 125 133.00 82.5 168.70 130 20B 213.17 180 48.26 233.10 50 27.32 188.00 330 -

300 31 200 55 90 255 80 40

20 20B -

CHEMICALS

Company

Paid up Cap(mn)

Open 676.82 Turnover 37,838 P/E (x) 5.35 Company

Paid up Cap(mn)

Pak Int Cont. Terminal XD 1092 PNSC XD 1321

PE 7.53 5.31

Open 63.05 38.00

High 64.00 39.87

High Low 692.27 652.77 Total cos Defaulter cos P/BV (x) ROE (%) 1.37 25.53 Low 60.05 38.00

Close Chg 61.39 -1.66 38.89 0.89

Close 667.24 Listed cap 3,242.17 mn Payout (%) 11.08

Change -9.58 Market cap 12,045.61 mn Div Yield (%) 2.07

Last 60 days High Low

Volume 23458 14380

87.86 41.00

60.05 34.50

PE

Open

High

Low

22.34 10.50 75.05 162.00 169.00 2.34 4.25 1.70 11.60 178.79 14.10 10.64 108.50 29.85 12.70 124.70 9.95 1.97 1.53 2.70 123.25 10.28 11.04 43.75

21.35 10.05 74.00 161.00 167.25 2.25 4.02 1.40 11.10 176.71 13.60 10.35 107.85 29.51 12.30 121.06 9.64 1.50 1.41 2.50 118.20 9.31 10.48 42.50

Close Chg 22.20 10.10 75.00 161.98 168.10 2.26 4.15 1.67 11.60 176.82 13.78 10.55 107.96 29.69 12.37 123.12 9.69 1.78 1.45 2.70 122.33 10.03 10.95 42.74

-0.06 -0.54 -1.00 0.97 -0.91 0.03 0.09 0.21 -0.24 -0.32 -0.22 -0.06 -0.19 0.26 -0.25 1.62 0.07 0.33 -0.03 0.27 0.93 0.66 0.91 -0.26

Close 1,180.05 Listed cap 52,251.88 mn Payout (%) 48.81

Last 60 days High Low

Volume 17556 5098 2849 20910 1076 313 109493 752204 1002 715057 525306 54231 188794 855811 94859 459085 16899644 32389 71495 2297 6464 657077 6001 2002

Change 0.78 Market cap 266,164.73 mn Div Yield (%) 6.62

26.70 16.78 82.50 174.00 185.88 2.98 5.20 2.21 13.60 194.59 15.20 12.46 113.39 30.65 13.85 128.30 9.95 3.24 1.77 3.80 128.01 11.09 17.88 48.00

% Change 0.07 5-Day High 1,183.71 5-Day Low 1,167.12

2009 Div BR (%) (%)

2010 Div BR (%) (%)

21.15 9.72 66.90 90 154.27 125 155.38 40 10B 1.78 3.20 1.28 10.85 15 165.60 6010B 40R 9.57 - 27.5R 9.02 102.96 131.5 10B 26.59 40 7.41 109.50 80 6.75 5 1.06 1.16 2.00 110.03 75 7.67 9.22 10 10B 41.00 50 -

5 15 20 15 20 75 5 55 25 50

10R 5B -

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,149.29 Turnover 231,330 P/E (x) 5.78

High Low 1,144.65 1,109.29 Total cos Defaulter cos P/BV (x) ROE (%) 0.43 7.47

Close 1,124.87 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Century Paper 707 Pak Paper ProductXDXB 50 Security Paper 411

4.15 4.71

18.88 39.10 40.00

18.50 39.90 40.25

17.90 39.10 39.00

17.98 -0.90 39.87 0.77 39.82 -0.18

219516 175 11639

Company

Change -24.42 Market cap 3,116.58 mn Div Yield (%) 4.37

Last 60 days High Low 22.70 62.85 50.40

17.31 38.61 38.10

2010 Div BR (%) (%)

- 425R 20 50 -

25 33.33B 50 -

INDUSTRIAL METALS AND MINING

Company

Paid up Cap(mn)

Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons TinSPOT

PE

565 3.43 675 555 5.38 1199 4.57 785 19.37

Open 24.97 2.27 12.59 45.99 9.50

High 25.70 2.74 12.70 46.99 9.49

High Low 941.63 913.28 Total cos Defaulter cos P/BV (x) ROE (%) 0.97 33.10 Low 25.00 2.35 12.51 45.60 9.25

Close Chg 25.30 2.63 12.54 46.98 9.49

0.33 0.36 -0.05 0.99 -0.01

Close 934.67 Listed cap 3,596.11 mn Payout (%) 30.91

Volume 20901 309624 5000 39344 940

31.73 3.17 16.75 70.71 10.80

23.75 1.65 12.25 45.60 8.20

2009 Div BR (%) (%) 10

Paid up Cap(mn)

Agriautos IndSPOT 144 Atlas Battery 101 Atlas Honda 626 Dewan Motors 890 Ghandhara Nissan 450 Ghani Automobile Ind 200 Honda Atlas Cars 1428 Indus Motors 786 Pak Suzuki 823 Sazgar EngineeringXDXB 150

PE

Open

High

5.22 70.84 5.79 151.36 7.02 96.02 1.46 4.30 4.12 4.20 - 10.62 5.25 229.25 9.32 75.00 5.18 19.77

High Low 1,100.05 1,079.29 Total cos Defaulter cos P/BV (x) ROE (%) 1.02 25.35 Low

Close Chg

Company

Paid up Cap(mn)

Al-Abbas Cement Attock CementSPOT Berger Paints Buxly Paints Cherat Cement Dadabhoy Cement Dandot Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Fecto Cement Flying Cement Ltd Gammon Pak Haydery Const Javedan Cement Karam Ceramics Kohat Cement Lafarge Pakistan Cmt. Lucky Cement XD Maple Leaf Cement Pioneer Cement Shabbir Tiles

1828 866 182 14 956 982 948 3574 3651 350 6933 502 1760 283 32 581 145 1288 13126 3234 5261 2228 361

PE

Open

High

Low

5.20 6.07 12.69 36.61 12.48 10.43 6.31 -

3.10 63.44 15.01 10.00 10.70 1.56 1.88 1.55 25.70 3.50 4.99 5.78 1.93 2.14 0.88 60.00 8.53 5.90 2.93 69.29 2.84 8.02 8.95

3.19 65.78 15.50 10.87 10.65 1.69 1.70 1.70 26.54 3.12 5.03 5.50 2.00 2.48 0.85 61.00 9.50 6.00 3.00 70.39 2.92 8.50 9.10

3.00 63.05 15.05 10.00 10.60 1.52 1.11 1.55 25.52 2.90 4.96 5.20 1.90 1.42 0.85 57.00 8.90 5.94 2.90 69.20 2.81 7.90 8.05

Close 961.57 Listed cap 54,792.74 mn Payout (%) 19.04

30B -

Change 11.40 Market cap 69,310.64 mn Div Yield (%) 2.82

Close Chg

Volume

Last 60 days High Low

3.09 65.30 15.50 10.87 10.65 1.65 1.70 1.56 26.36 3.12 4.99 5.20 2.00 1.51 0.85 60.70 8.97 5.95 2.94 70.20 2.90 8.35 8.10

142574 67047 10302 1837 3510 15052 500 25401 5383950 1005 236974 122 58212 286 1200 1479 2010 13025 376056 1107174 67701 196507 519

4.20 71.90 20.00 14.94 12.50 2.74 3.90 2.20 28.74 5.15 5.50 7.90 2.30 3.59 2.00 66.10 9.50 6.80 3.27 74.00 3.70 8.50 11.60

-0.01 1.86 0.49 0.87 -0.05 0.09 -0.18 0.01 0.66 -0.38 0.00 -0.58 0.07 -0.63 -0.03 0.70 0.44 0.05 0.01 0.91 0.06 0.33 -0.85

2.80 62.00 14.01 10.00 8.90 1.30 1.02 1.30 23.02 2.11 4.50 4.25 1.74 0.98 0.25 56.05 4.01 5.50 2.60 62.60 2.51 6.80 7.56

30 40 7.5

20B -

% Change 1.20 5-Day High 961.57 5-Day Low 938.24

2009 Div BR (%) (%)

2010 Div BR (%) (%)

50 20B - 20R - 10B - 200R 40 -

- 100R 50 - 122R - 20R 40 -

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 900.23 Turnover 117,312 P/E (x) 2.54 Company

Paid up Cap(mn)

PE

Open

Cherat PapersackXDXB 115 3.27 34.65 ECOPACK Ltd 230 2.29 Ghani GlassXDXB 1067 4.94 50.05 MACPAC Films 389 2.51 Packages Ltd 844 16.21 106.31 Tri-Pack Films 300 8.23 103.71

High

High Low 905.36 874.97 Total cos Defaulter cos P/BV (x) ROE (%) 1.11 43.91 Low

Close Chg

35.40 34.00 34.32 2.50 2.25 2.28 50.01 47.60 48.30 2.90 2.10 2.88 108.49 104.50 107.00 104.50 102.50 102.50

-0.33 -0.01 -1.75 0.37 0.69 -1.21

Close 885.49 Listed cap 3,043.31 mn Payout (%) 15.55

Volume 14401 16505 44476 205 35810 5881

Change -14.74 Market cap 33,012.13 mn Div Yield (%) 6.13

Last 60 days High Low 51.05 2.89 61.99 4.69 125.96 105.00

34.00 1.70 47.60 1.60 98.00 91.00

2009 Div BR (%) (%) 30 32.5 100

10B -

% Change -1.64 5-Day High 900.23 5-Day Low 881.25 2010 Div BR (%) (%) 20 25 -

25B 10B -

Company

Paid up Cap(mn)

Abdullah Shah Ghazi Sugar 793

Close 1,089.05 Listed cap 6,768.53 mn Payout (%) 20.42

Change 7.81 Market cap 39,457.00 mn Div Yield (%) 5.07

Last 60 days High Low

Volume

Company

Paid up Cap(mn)

AL-Ghazi Tractor Bolan CastingXDXB Ghandhara Ind Millat TractorsXDXB

215 104 213 366

PE

Open

5.08 210.71 5.25 45.30 2.09 13.20 5.86 480.90

High

Low

Close 1,472.37 Listed cap 1,336.62 mn Payout (%) 131.49

Close Chg

Volume

212.00 210.50 212.00 1.29 45.50 45.50 45.50 0.20 13.65 13.00 13.27 0.07 484.90 456.86 457.40 -23.50

5210 101 21694 154539

Change -56.67 Market cap 31,087.16 mn Div Yield (%) 16.50

Last 60 days High Low 227.45 51.99 19.75 597.90

200.26 35.25 11.29 390.00

0.63 2.06 4.80 0.03 0.04 0.70 0.23 0.94 0.00 0.17

16533 78.39 15276 206.95 2437 127.99 104304 2.09 1006 6.34 2199 5.70 3851 13.50 22921 287.00 53075 89.99 2153 27.85

Chashma Sugar Faran Sugar Habib Sugar Habib-ADM Ltd XD J D W Sugar Mehran Sugar Mithchells Fruit National Foods XD Noon PakistanSPOT Noon Sugar Punjab OilSPOT Quice Food Shahmurad Sugar Tandlianwala

287 217 600 200 490 143 50 414 48 165 38 107 211 1177

High Low 1,520.16 1,461.18 Total cos Defaulter cos P/BV (x) ROE (%) 9.67 30.30

PE

Open

High

Low

12.02 0.73 3.23 6.19 3.60 2.41 3.09 7.47 19.71 10.19 2.80 15.94 290.91

6.74 8.80 19.56 30.74 12.68 71.99 55.22 61.81 40.66 21.27 12.22 37.48 3.00 11.15 31.90

7.74 9.00 20.00 30.70 13.00 72.00 55.70 61.50 41.25 22.00 12.85 38.00 2.65 11.11 32.47

6.25 8.80 19.90 29.92 12.61 71.50 54.01 61.50 39.01 21.90 12.75 35.61 2.50 11.00 31.00

63.01 131.00 92.00 1.16 4.03 3.55 9.65 212.29 69.25 19.50

% Change 0.72 5-Day High 1,089.13 5-Day Low 1,058.91

2009 Div BR (%) (%)

2010 Div BR (%) (%)

40 100 80 100 5 -

90 100 150 10

20B 30B 20B

20B 20B

Close Chg 6.25 8.97 20.00 30.00 12.83 71.99 55.23 61.50 41.19 21.90 12.82 36.81 2.57 11.00 32.00

-0.49 0.17 0.44 -0.74 0.15 0.00 0.01 -0.31 0.53 0.63 0.60 -0.67 -0.43 -0.15 0.10

Close 1,481.90 Listed cap 11,335.33 mn Payout (%) 30.57

Volume 311 2200 101870 38733 507 990 478 490 1850 550 2500 1000 5500 4917 10079

Change 2.44 Market cap 189,521.38 mn Div Yield (%) 0.96

Last 60 days High Low

2009 Div BR (%) (%)

11.70 11.40 23.50 32.25 16.98 72.00 58.20 76.00 65.29 33.06 13.50 38.95 3.40 11.90 35.50

17.5 35 40 40 35 20 50 15 15 -

1.35 8.00 15.90 24.73 12.20 60.10 48.50 55.25 39.01 18.95 10.00 32.80 1.60 7.40 22.45

25B 30B 25B 10B 10B 25B -

% Change 0.16 5-Day High 1,488.12 5-Day Low 1,473.41 2010 Div BR (%) (%) 40 0 12.5R 25 10B 12 12 15 28R -

HOUSEHOLD GOODS Performance of SR Household Goods Index Open 1,136.75 Turnover 51,681 P/E (x) 3.48 Company AL-Abid SilkSPOT Pak Elektron Tariq Glass Ind

High Low 1,147.98 1,137.00 Total cos Defaulter cos P/BV (x) ROE (%) 0.37 10.64

Close 1,140.59 Listed cap 3,763.71 mn Payout (%) 6.27

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

96 1174 231

3.30 2.91 2.77

35.00 13.52 17.03

35.00 13.74 17.50

33.98 13.58 16.50

34.00 -1.00 13.64 0.12 16.99 -0.04

1268 41740 8615

Change 3.84 Market cap 5,611.59 mn Div Yield (%) 1.80

% Change -3.71 5-Day High 1,529.96 5-Day Low 1,451.31

2009 Div BR (%) (%)

2010 Div BR (%) (%)

400 450

150 25 650

20B 25B

10B 25B

MA (10-day)

3.13

Total Equity (Rs in mn)

MA (100-day)

3.47

Revenue (Rs in mn)

MA (200-day)

3.98

Interest Expense

2,390.39

1st Support

3.00

Loss after Taxation

(637.18)

2.75

1st Resistance

38,810.57 5,962.30 999.63

EPS 09 (Rs)

3.50

(1.273)

Book value / share (Rs)

11.92

2nd Resistance

3.75

PE 10 E (x)

3.30

Pivot

3.25

PBV (x)

0.28

BOK closed up 0.15 at 3.30. Volume was 2,526 per cent above average (trending) and Bollinger Bands were 11 per cent narrower than normal. The company's profit after taxation stood at Rs251.784 million which translates into an Earning Per Share of Rs0.50 for the half year of current calendar year (1HCY10). BOK is currently 17.1 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume out of BOK (bearish). Trend forecasting oscillators are currently bullish on BOK.

Dewan Salman Fibre Limited

Last 60 days High Low 35.00 15.95 19.12

26.60 12.17 14.45

2009 Div BR (%) (%) 7.5 -

10B -

Open 917.84 Turnover 10,927,030 P/E (x) 6.05 Company

Paid up Cap(mn)

PE

Open

(Colony) Thal 56 1.50 Amtex Limited XD 2415 2.60 10.71 Artistic Denim XD 840 5.12 20.86 Azam Textile 133 0.55 3.09 Azgard Nine 4493 260.50 10.19 Babri CottonSPOT 29 0.37 13.25 Bannu WoolenSPOT 76 1.14 13.60 Blessed Tex MillsSPOT 64 0.74 51.25 Chenab Limited 1150 3.26 D S Ind Ltd 600 1.65 Ellcot SpinningSPOT 110 1.83 21.10 Fazal Cloth 188 2.10 49.20 Fazal TextileSPOT 62 3.30 320.00 Gadoon TextileSPOT 234 1.23 45.51 Ghazi FabricsSPOT 326 1.29 4.40 Gillette Pakistan 192 47.77 61.70 Gul Ahmed TextileSPOT 635 3.14 22.52 Gulistan Spinning 146 1.35 6.35 Gulistan Textile 190 1.97 24.40 Gulshan Spinning 185 1.64 9.10 Hira Textile Mills Ltd. 716 1.26 4.25 Ibrahim FibresSPOT 3105 3.46 38.16 ICC Textile 100 0.98 Ideal Spinning 99 0.66 3.40 Idrees Textile 180 2.32 4.25 Int KnitwearSPOT 32 5.29 10.20 Ishaq TextileSPOT 97 1.05 4.94 Kohinoor Ind 303 1.42 Kohinoor SpinningSPOT 1300 1.18 1.35 Kohinoor Textile 1455 2.74 5.38 Leather Up 60 1.89 Maqbool TextileSPOT 168 2.00 11.25 Masood Textile 600 1.01 19.50 Mian Textile 221 0.60 Mukhtar Textile 145 0.46 N P SpinningSPOT 147 4.08 22.00 Nagina CottonSPOT 187 1.30 17.45 Nishat (Chunian) 1586 2.46 19.11 Nishat MillsSPOT 3516 6.06 50.86 Pak Leather 34 4.95 Pak Synthetic 560 6.25 5.25 Paramount Spinning 158 1.30 9.88 Premium TextileSPOT 62 0.95 29.00 ProsperitySPOT 185 2.55 17.85 Quetta Textile 130 0.91 27.15 Ravi Textile 250 4.62 1.79 Reliance WeavingSPOT 308 0.87 11.15 Rupali PolySPOT 341 5.86 34.90 Saif Textile 264 1.36 4.00 Sajjad Textile 213 0.25 0.43 Sally Textile 88 0.34 5.35 Salman Noman 40 4.80 2.26 Samin Textile XR 134 7.99 Sana Ind XD 55 4.50 29.75 Sargoda SpinningSPOT 312 0.59 1.96 Saritow Spinning 133 0.58 2.10 Service Ind 120 4.91 185.33 Shahpur Textile 140 1.35 0.83 Shahtaj TextileSPOT 97 - 20.77 Suraj CottonSPOT 180 1.27 35.00 Tata Textile XD 173 0.77 18.97 Thal LimitedSPOT 256 4.08 110.51 Treet Corp 418 8.04 38.27 Tri-Star Poly 215 0.74 Yousuf Weaving 400 6.47 1.10 Zephyr Textile Ltd 594 3.25 Zil Limited XD 53 6.91 38.42

High

High Low 923.03 913.41 Total cos Defaulter cos P/BV (x) ROE (%) 0.52 8.64 Low

Close Chg

1.50 1.50 1.50 0.00 9.71 9.71 9.71 -1.00 21.00 19.82 20.36 -0.50 3.10 2.98 3.00 -0.09 10.65 10.00 10.42 0.23 13.25 12.25 13.25 0.00 14.00 13.13 13.13 -0.47 51.90 48.75 48.75 -2.50 3.28 3.15 3.21 -0.05 1.73 1.65 1.68 0.03 21.50 21.50 21.50 0.40 51.66 51.00 51.66 2.46 336.00 320.02 333.55 13.55 46.00 45.50 45.95 0.44 4.80 4.45 4.45 0.05 64.70 58.75 64.49 2.79 23.59 23.59 23.59 1.07 6.50 5.95 6.13 -0.22 23.18 23.18 23.18 -1.22 9.10 8.86 9.02 -0.08 4.60 4.31 4.39 0.14 37.98 36.50 37.49 -0.67 0.30 0.30 0.30 -0.68 3.49 3.00 3.38 -0.02 4.30 4.05 4.06 -0.19 10.00 10.00 10.00 -0.20 5.00 4.97 4.99 0.05 1.69 1.45 1.50 0.08 1.60 1.25 1.30 -0.05 5.50 5.20 5.24 -0.14 1.89 1.87 1.87 -0.02 11.05 10.50 10.62 -0.63 20.40 18.51 19.70 0.20 0.69 0.34 0.40 -0.20 0.70 0.37 0.40 -0.06 23.00 21.99 22.90 0.90 17.25 17.25 17.25 -0.20 19.87 19.18 19.41 0.30 51.99 50.70 51.49 0.63 5.95 3.95 3.95 -1.00 5.75 5.45 5.75 0.50 9.95 8.88 8.88 -1.00 29.50 29.25 29.49 0.49 18.25 17.50 17.59 -0.26 25.80 25.80 25.80 -1.35 1.89 1.75 1.80 0.01 11.50 11.00 11.42 0.27 35.75 35.50 35.75 0.85 4.29 3.10 3.99 -0.01 0.97 0.21 0.97 0.54 5.30 5.26 5.28 -0.07 2.55 2.33 2.45 0.19 7.35 6.99 7.00 -0.99 30.75 28.40 30.16 0.41 2.45 2.10 2.29 0.33 2.50 1.10 2.10 0.00 192.00 184.00 190.53 5.20 1.00 0.76 0.97 0.14 21.40 20.26 21.18 0.41 35.69 34.75 35.65 0.65 19.97 19.50 19.70 0.73 111.00 108.56 109.02 -1.49 40.18 38.25 38.97 0.70 0.50 0.50 0.50 -0.24 1.13 1.10 1.10 0.00 3.40 2.35 3.07 -0.18 40.34 39.00 40.34 1.92

Close 918.23 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

0.80 9.71 17.55 1.35 8.55 9.50 7.50 40.80 2.93 1.44 20.15 41.00 303.00 33.80 1.11 57.50 19.99 5.00 19.50 5.31 2.52 34.05 0.30 2.02 2.56 7.00 3.86 1.01 0.56 4.00 1.35 3.25 18.51 0.01 0.25 15.99 12.00 14.64 40.81 1.45 5.16 6.00 26.00 15.75 25.80 1.38 6.91 31.35 2.01 0.16 2.74 1.30 5.02 27.50 0.31 1.01 176.00 0.25 14.75 29.50 12.75 97.00 37.20 0.26 0.73 1.50 33.00

Company Abbott (Lab) Ferozsons (Lab) XB GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Sanofi-Aventis Searle PakSPOT Wyeth Pak

Paid up Cap(mn) 979 250 1707 165 200 96 306 142

PE

Open

8.06 90.90 5.74 87.94 12.64 69.49 6.52 23.71 17.78 8.00 9.61 120.00 5.43 63.11 92.10 830.06

High

Low

Close Chg

92.50 91.00 92.00 1.10 91.99 86.01 87.50 -0.44 70.98 69.39 70.00 0.51 24.03 24.00 24.01 0.30 8.28 7.80 8.00 0.00 121.90 120.00 120.78 0.78 64.00 63.00 63.26 0.15 830.00 800.00 800.33 -29.73

Close 847.64 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 17575 3268 22484 601 6371 2200 1322 140

2009 Div BR (%) (%)

% Change 0.04 5-Day High 918.23 5-Day Low 911.83 2010 Div BR (%) (%)

30 20 20 7.5 - 15B 20 7.5 50 7.5 35 15 - 100 70 10 5 - 12.5 - 10B 10 - 10B 10 - 10B 10 20B 10 20 10 6 8 5 - 22.5 15 15 100R 20 - 20SD - 50R 15 20 25 45R 12.5 - 10B 10 10B 7.5 50 20 30 - 632R 20 - 25SD 40 40 10 5B - 100R 35 60 5 200 20 45 15 50 25 20 20B 80 20B 4 40 10B 35 -

Change 3.68 Market cap 28,234.15 mn Div Yield (%) 6.75

Last 60 days High Low 96.40 124.00 83.39 25.79 8.66 133.00 64.19 1098.40

16,668.04

MA (10-day)

1.43

Total Equity (Rs in mn)

(5,909.01)

MA (100-day)

1.62

Revenue (Rs in mn)

77.00 86.01 65.00 22.10 6.10 115.90 53.36 800.00

2009 Div BR (%) (%) 120 10 50 25 70 15 -

20B 15B -

4,169.62

MA (200-day)

1.86

Interest Expense

1st Support

1.50

Loss after Taxation

2nd Support

1.30

EPS 09 (Rs)

1st Resistance

1.80

Book value / share (Rs)

2,050.22

2nd Resistance

1.90

PE 10 E (x)

Pivot

1.60

PBV (x)

(6,233.79) (17.017) (16.13) (0.10)

DSFL closed up 0.21 at 1.67. Volume was 61 per cent above average and Bollinger Bands were 33 per cent narrower than normal. The company's loss after taxation stood at Rs10.744 billion which translates into a Loss Per Share of Rs2.93 for the nine months of fiscal year (9MFY10). DSFL is currently 10.3 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of DSFL at a relatively equal pace. Trend forecasting oscillators are currently bullish on DSFL.

Pioneer Cement Limited

-20B 20R - 10B 17.5 -

PHARMA AND BIO TECH High Low 861.00 840.32 Total cos Defaulter cos P/BV (x) ROE (%) 1.47 22.31

Total Assets (Rs in mn)

2010 Div BR (%) (%)

Performance of SR Pharma and Bio Tech Index Open 843.96 Turnover 53,962 P/E (x) 6.60

66.41

Fundamental Highlights As on Jun 30, 2009

Technical Analysis Change 0.39 Market cap 116,679.98 mn Div Yield (%) 2.76

Last 60 days High Low

5000 2.00 28408 20.45 11047 24.05 30034 3.23 2975081 13.30 801 18.75 9286 14.00 146 52.05 70416 4.93 5053 2.49 500 25.45 2000 51.66 512 378.00 19900 48.30 1010 5.00 9101 73.00 301 23.59 4712 8.13 433 24.84 17623 9.24 300113 4.85 11312 39.99 500 1.58 500 4.79 1801 5.35 747 10.90 100100 5.00 3521 2.00 10100 1.84 1216 6.30 105 2.50 6809 11.49 1389 23.25 1001 1.20 112 0.99 1002 24.66 563 17.50 3447430 19.87 3228509 53.14 2056 5.95 37594 7.90 1488 10.17 3056 30.90 1101 21.47 501 52.29 67644 4.69 37448 12.00 910 36.75 106 5.44 503 4.19 2903 6.20 6563 3.11 1314 8.69 2804 38.40 16500 2.50 453 2.99 5249 225.99 8979 2.26 15867 21.50 9523 37.50 4640 19.97 49708 114.99 315040 49.49 2000 1.36 536 1.90 20650 4.99 3156 44.00

Fundamental Highlights As on Jun 30, 2009

Technical Analysis RSI (14-day)

% Change 0.34 5-Day High 1,140.59 5-Day Low 1,108.77

Performance of SR Personal Goods Index

INDUSTRIAL ENGINEERING High Low 1,540.08 1,463.25 Total cos Defaulter cos P/BV (x) ROE (%) 3.03 38.02

Total Assets (Rs in mn)

FOOD PRODUCERS

Performance of SR Industrial Engineering Index Open 1,529.04 Turnover 181,565 P/E (x) 7.97

71.75 70.50 71.47 157.00 153.01 153.42 100.82 98.00 100.82 1.56 1.45 1.49 4.50 4.25 4.34 5.00 4.22 4.90 11.00 10.85 10.85 231.85 228.00 230.19 76.50 75.00 75.00 20.40 19.75 19.94

Open 1,479.46 Turnover 172,399 P/E (x) 31.91

2010 Div BR (%) (%)

CONSTRUCTION AND MATERIALS High Low 969.72 937.48 Total cos Defaulter cos P/BV (x) ROE (%) 0.48 7.10

-

55.60

Performance of SR Food Producers Index

% Change 1.74 5-Day High 934.67 5-Day Low 918.29

Performance of SR Construction and Materials Index Open 950.17 Turnover 7,712,468 P/E (x) 6.76

40 15

PERSONAL GOODS

Change 15.96 Market cap 8,980.74 mn Div Yield (%) 10.57

Last 60 days High Low

20B -

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

2nd Support

Open 1,081.24 Turnover 223,761 P/E (x) 4.03

Performance of SR Industrial Metals and Mining Index Open 918.71 Turnover 375,809 P/E (x) 2.92

30

2010 Div BR (%) (%)

Performance of SR Automobile and Parts Index

% Change -2.12 5-Day High 1,159.89 5-Day Low 1,124.87

2009 Div BR (%) (%)

2009 Div BR (%) (%)

% Change -1.42 5-Day High 676.82 5-Day Low 666.65

AUTOMOBILE AND PARTS

Company

High Low 1,189.88 1,175.08 Total cos Defaulter cos P/BV (x) ROE (%) 2.58 35.00

Agritech Limited 3924 9.82 22.26 Bawany AirXDXR 68 1.29 10.64 BOC (Pak) 250 9.54 76.00 Clariant Pak 273 5.70 161.01 Dawood Hercules 1203 7.75 169.01 Descon Chemical 1996 2.23 Descon Oxychem Ltd. 1020 4.06 Dewan Salman 3663 1.46 Dynea PakSPOT 94 4.33 11.84 Engro Corporation Ltd 3277 9.07 177.14 Engro Polymer 6635 - 14.00 Fatima Fertilizer 22000 - 10.61 Fauji Fertilizer 6785 7.34 108.15 Fauji Fert. Bin Qasim 9341 7.55 29.43 Ghani Gases Ltd 725 9.37 12.62 ICI Pakistan 1388 7.34 121.50 Lotte Pakistan 15142 3.36 9.62 Mandviwala 74 1.45 Nimir Ind Chemical 1106 72.50 1.48 Shaffi Chemical 120 2.03 2.43 Sitara Chem Ind SPOT 204 5.40 121.40 Sitara Peroxide 551 9.37 United Distributors 92 - 10.04 Wah-NobleSPOT 90 5.06 43.00

Bank of Khyber Limited

Performance of SR Industrial Transportation Index

Close Change 1,335.07 7.85 Listed cap Market cap 65,194.15 mn 1,057,053.08 mn Payout (%) Div Yield (%) 68.56 6.09

Performance of SR Chemicals Index Open 1,179.27 Turnover 21,426,671 P/E (x) 7.37

Alert ! Unusual Movements

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,327.22 Turnover 5,666,763 P/E (x) 11.25

KSE 30 Index

% Change 0.44 5-Day High 851.60 5-Day Low 843.96 2010 Div BR (%) (%) 20 30 -

20B -

RSI (14-day)

59.31

Total Assets (Rs in mn)

MA (10-day)

8.03

Total Equity (Rs in mn)

2,400.54

MA (100-day)

7.32

Revenue (Rs in mn)

5,000.24

MA (200-day)

8.87

Interest Expense

10,347.73

1st Support

8.00

Profit after Taxation

36.11

2nd Support

7.65

EPS 09 (Rs)

0.181

1st Resistance

8.60

Book value / share (Rs)

12.03

2nd Resistance

8.85

PE 10 E (x)

Pivot

8.25

PBV (x)

451.47

0.69

PIOC closed up 0.33 at 8.35. Volume was 339 per cent above average (trending) and Bollinger Bands were 2 per cent narrower than normal. The company's loss after taxation stood at Rs590.925 million which translates into a Loss Per Share of Rs2.87 for the year ended FY10. PIOC is currently 5.9 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into PIOC (mildly bullish). Trend forecasting oscillators are currently bullish on PIOC.

Royal Bank of Scotland Limited

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

59.68

Total Assets (Rs in mn)

MA (10-day)

5.99

Total Equity (Rs in mn)

MA (100-day)

9.70

Revenue (Rs in mn)

MA (200-day)

13.15

93,437.66 6,936.51 11,583.40

Interest Expense

6,385.85

1st Support

6.76

Loss after Taxation

2nd Support

6.34

EPS 09 (Rs)

1st Resistance

7.37

Book value / share (Rs)

2nd Resistance

7.56

PE 10 E (x)

(1,338.05)

Pivot

6.95

PBV (x)

(0.800) 4.04 1.77

RBS closed up 1.00 at 7.14. Volume was 571 per cent above average (trending) and Bollinger Bands were 50 per cent narrower than normal. The company's loss after taxation stood at Rs2.073 billion which translates into a Loss Per Share of Rs1.21 for the half year of current calendar year (1HCY10). RBS is currently 45.7 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of RBS at a relatively equal pace. Trend forecasting oscillators are currently bullish on RBS.

BOOK CLOSURES Company

From

To

Ali Asghar Textile Mills Arpak International Artistic Dewan Mills Biafo Industries Central Forest Products Fauji Cement Co Fecto Cement Huffaz Seamless Pipe Industries Lucky Cement National Refinery Orix Leasing Pakistan Pakistan Oilfields Towellers Ltd Transmission Engineering 1st Dawood Investment Bank Attock Cement Pakistan Attock Petroleum Dawood Capital Management Dost Steels Ellcot Spinning Mills Escort Investment Bank First Al-Noor Modaraba First Imrooz Modaraba

19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 20-Oct 20-Oct 20-Oct 20-Oct 20-Oct 20-Oct 20-Oct 20-Oct 20-Oct

27-Oct 29-Oct 27-Oct 26-Oct 26-Oct 25-Oct 26-Oct 29-Oct 26-Oct 27-Oct 25-Oct 29-Oct 26-Oct 25-Oct 26-Oct 27-Oct 28-Oct 26-Oct 27-Oct 26-Oct 27-Oct 04-Nov 27-Oct

D/B/R 20 25 40(F) 200 175 32.50(F) 200,20(B) 35 5 76

Spot AGM/Date 11-Oct 11-Oct 11-Oct 12-Oct 12-Oct 12-Oct 12-Oct

27-Oct 29-Oct 27-Oct 26-Oct 26-Oct 25-Oct 26-Oct 29-Oct 26-Oct 27-Oct 25-Oct 29-Oct 26-Oct 25-Oct 28-Oct 27-Oct 28-Oct 26-Oct 27-Oct 26-Oct 27-Oct 25-Oct 27-Oct

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols TRG Pakistan Ltd. Murree BrewerySPOT Shakarganj Food Grays of Cambr.SPOT Lakson Tobacco Shifa Int.Hosp.XD Eye Television PIAC(A) AKD Capital Pace (Pak) Ltd Netsol Technol SPOT

Open 4.02 94.98 1.1 48 353.68 28.16 21.5 2.2 63.51 2.99 18.52

High 4.14 95.35 1.1 50.4 351.95 29.56 22.57 2.25 66.68 3.05 18.99

Low Close 3.92 94.5 1.1 47.8 338.06 28.5 22 2.05 64.5 2.93 18.31

3.96 94.5 1.1 48.21 340 29.56 22.45 2.2 66.44 2.97 18.73

Change -0.06 -0.48 0 0.21 -13.68 1.4 0.95 0 2.93 -0.02 0.21

Vol 1687793 1872 3000 874 2730 1634 33467 52099 47119 564132 282523


7

Tuesday, October 19, 2010

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,148.39 Turnover 4,931,128 P/E (x) 6.12 Paid up Cap(mn)

Company

PE

Pak DatacomSPOT 78 Pakistan Telecomm Co A 37740 Telecard 3000 WorldCall Tele 8606 Wateen Telecom Ltd 6175

Open

High Low 1,160.01 1,127.01 Total cos Defaulter cos P/BV (x) ROE (%) 0.79 12.84

High

5.08 104.00 9.07 19.29 1.09 2.47 2.82 3.97

Low

Close Chg

103.00 100.01 103.00 -1.00 19.40 18.95 19.05 -0.24 2.69 2.37 2.54 0.07 2.90 2.79 2.84 0.02 3.99 3.89 3.90 -0.07

Close 1,137.53 Listed cap 50,077.79 mn Payout (%) 62.56

Last 60 days High Low

Volume 102 1759668 2678658 492700 64650

Change -10.86 Market cap 78,316.48 mn Div Yield (%) 10.21

120.61 20.22 3.08 3.30 6.13

% Change -0.95 5-Day High 1,158.82 5-Day Low 1,135.83

2009 Div BR (%) (%)

91.00 17.32 1.80 2.30 3.60

70 15 -

2010 Div BR (%) (%)

-

80 17.5 1 -

Atlas Insurance Central Insurance XB Century Insurance EFU General Ins. XB Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance Shaheen Insurance Silver Star Insurance United Insurance XB

369 4.62 279 5.20 457 5.84 1250 33.36 400 7.63 718 14.13 791 9.49 3000 250 1.53 350 60.00 303 4.82 200 253 1.74 400 1.35

30.75 50.00 10.94 40.03 10.89 77.60 53.77 14.47 5.79 2.38 8.95 12.35 7.10 5.05

Paid up Cap(mn)

Company

Genertech Hub Power Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power XD Nishat Chunian Power Ltd Nishat Power Ltd S G Power Sitara Energy LtdSPOT Southern Electric Tri-star Power XD

PE

Open

High

Low

198 11572 6.26 1560 7932 1695 5.73 126 2.48 8803 6.76 3673 3541 94.29 178 191 3.74 1367 6.15 150 -

0.75 33.54 1.60 2.19 23.50 5.00 39.35 12.49 13.35 0.37 21.60 2.49 0.75

0.75 33.99 1.59 2.20 24.00 5.10 39.50 12.90 13.41 0.73 21.40 2.54 0.90

0.62 33.25 1.58 2.07 23.25 4.62 38.91 12.35 13.13 0.44 20.60 2.36 0.71

Close 1,176.40 Listed cap 95,369.29 mn Payout (%) 104.13

Change 3.01 Market cap 96,575.44 mn Div Yield (%) 8.42

% Change 0.26 5-Day High 1,176.40 5-Day Low 1,152.22

Close Chg

Volume

Last 60 days High Low

2009 Div BR (%) (%)

0.72 33.83 1.58 2.18 23.25 4.99 39.08 12.35 13.20 0.48 20.99 2.40 0.84

4681 881888 14500 628908 1502 5520 150748 1409701 577638 4501 7300 257708 14040

1.53 37.24 2.28 2.63 26.50 6.70 44.85 12.90 13.73 1.60 23.49 3.21 1.60

33.5 45 64.5 20 3

-0.03 0.29 -0.02 -0.01 -0.25 -0.01 -0.27 -0.14 -0.15 0.11 -0.61 -0.09 0.09

0.51 32.75 0.70 1.92 23.00 3.90 38.35 9.50 9.25 0.23 20.00 2.05 0.33

Open 851.23 Turnover 12,626 P/E (x) 86.32

50 - 7.8R 15 50 20 -

GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,680.18 Turnover 455,258 P/E (x) 12.21 Paid up Cap(mn)

Company Sui North Gas Sui South GasSPOT

High Low 1,685.58 1,635.96 Total cos Defaulter cos P/BV (x) ROE (%) 1.39 11.41

Close 1,644.50 Listed cap 12,202.80 mn Payout (%) 66.79

Change -35.68 Market cap 36,449.69 mn Div Yield (%) 5.47

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 18.54 6712 4.35

32.00 29.25

32.00 29.40

31.25 28.43

31.52 -0.48 28.52 -0.73

287331 167927

33.40 30.70

% Change -2.12 5-Day High 1,703.66 5-Day Low 1,644.50

2009 Div BR (%) (%)

25.00 16.00

-

2010 Div BR (%) (%)

-

15

25B

BANKS Performance of SR Banks Index Open 996.01 Turnover 14,884,338 P/E (x) 7.00 Paid up Cap(mn)

Company

Allied Bank Limited Askari Bank Atlas Bank Bank Alfalah Bank AL-Habib Bank Of Khyber Bank Of Punjab BankIslami Pak Faysal Bank Habib Bank Ltd Habib Metropolitan Bank JS Bank Ltd KASB Bank Ltd MCB Bank Ltd Meezan Bank Mybank Ltd National Bank NIB Bank Royal Bank Ltd Samba Bank Silkbank Ltd Soneri Bank Stand Chart Bank Summit Bank Ltd United Bank Ltd

PE

Open

7821 5.25 53.51 6427 6.29 14.98 5001 2.17 13492 12.00 8.85 7322 6.88 32.25 5004 3.30 3.15 5288 8.10 5280 3.24 6091 3.24 13.62 10019 6.49 100.01 8732 5.81 19.77 6128 2.38 9509 2.50 7602 9.34 200.08 6983 7.41 15.25 5304 2.23 13455 5.51 64.21 40437 2.83 17180 6.14 14335 1.96 26716 12.95 2.83 6023 6.25 38716 9.24 6.51 5000 3.01 12242 6.24 53.03

High

High Low Close 1,016.69 987.03 1,001.80 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.94 13.45 34.35 Low

Close Chg

54.70 53.40 54.07 0.56 15.45 14.65 15.22 0.24 2.19 1.80 1.92 -0.25 9.09 8.70 9.00 0.15 32.90 31.81 31.91 -0.34 3.50 3.00 3.30 0.15 8.30 8.04 8.20 0.10 3.24 3.07 3.20 -0.04 14.47 13.70 14.06 0.44 101.62 98.51 100.83 0.82 19.70 19.01 19.65 -0.12 2.40 2.25 2.40 0.02 2.69 2.37 2.41 -0.09 202.24 200.00 200.18 0.10 15.69 15.20 15.26 0.01 2.24 2.13 2.20 -0.03 66.49 64.10 65.57 1.36 2.99 2.81 2.94 0.11 7.14 6.53 7.14 1.00 2.00 1.90 1.94 -0.02 2.88 2.80 2.85 0.02 6.99 5.80 6.39 0.14 6.50 6.25 6.47 -0.04 3.10 2.92 2.95 -0.06 53.70 52.15 53.08 0.05

Volume

Change 5.78 Market cap 609,098.44 mn Div Yield (%) 4.91

Last 60 days High Low

369590 59.70 664809 17.15 478357 2.84 1554751 10.25 416630 34.00 1027057 4.75 897433 10.97 5300 3.87 150687 15.58 651229 109.10 7101 23.00 336037 2.92 107388 3.70 1045002 214.99 1808 15.95 11037 2.93 4743780 73.89 1044235 3.50 190459 12.50 9641 2.90 582433 3.30 138705 7.59 5000 8.50 175843 3.90 445869 60.20

48.51 13.99 1.52 7.32 29.10 2.50 7.35 2.31 12.75 92.00 18.02 2.00 2.03 180.40 13.80 1.62 60.51 2.42 5.20 1.55 2.15 5.01 6.00 2.30 49.90

% Change 0.58 5-Day High 1,001.80 5-Day Low 984.47

2009 Div BR (%) (%) 40 8 20 60 10 110 75 25

10B 20B 20B 10B 16B 26B 10B 5B 25B 10B

20 - 66R 55 -63.46R 10 -

Performance of SR Non Life Insurance Index

Paid up Cap(mn)

Company

Adamjee Insurance XD

High Low 681.02 666.58 Total cos Defaulter cos P/BV (x) ROE (%) 0.58 5.20

Close 674.05 Listed cap 11,111.34 mn Payout (%) 79.54

Change 7.91 Market cap 42,667.53 mn Div Yield (%) 7.14

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1237 12.94

71.63

72.10

70.85

71.15 -0.48

552820

89.90

% Change 1.19 5-Day High 674.05 5-Day Low 630.71

2009 Div BR (%) (%)

63.05

30

EFU Life Assurance XB

2010 Div BR (%) (%)

10B

10

-

0.55 0.25 -0.54 2.00 0.10 2.40 1.83 0.04 0.70 0.02 -0.04 0.94 -0.10 0.35

8199 1107 200 61774 15301 4130 105 868767 2000 1000 1191 645852 19448 1000

31.70 64.90 11.99 54.50 13.89 81.50 60.00 18.90 8.20 4.16 10.60 16.49 10.00 7.15

27.10 47.37 9.42 34.76 10.04 66.02 52.21 12.50 5.06 1.66 8.00 11.51 6.00 4.02

High Low 875.08 870.93 Total cos Defaulter cos P/BV (x) ROE (%) 3.32 3.85

Close 875.08 Listed cap 2,290.72 mn Payout (%) 355.53

40 10B 20 25B 40 8.7B 35 35 30 20B 30 5 25B 20 15B -14.28B - 20B - 16B

Change 23.85 Market cap 10,017.17 mn Div Yield (%) 4.12

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

850 39.92

69.97

73.46

72.47

73.46 3.49

12621

84.99

10 10 -

UPTO 100 VOLUME

10B 20B -

Symbols ILTM FASM PNGRS ICL SASML FTHM BIFO MEHT ADAMS SHEZ TSMF SHCM SIBL NESTLE OLPL SIEM SMCPL SHJS BATA SING FNEL DIIL SANSM SCL SGML CRTM GWLC KSBP SAPT ISIL CWSM LMSM TOWL RMPL FRCL GATI PECO ULEVER MODAM NJLIC RICL UPFL SFAT SFL STML TREI CJPL PAKT FDMF BILF JKSM HUSI CSUML PMRS DADX HINO MDTL PHDL POAF FTSM FUDLM DINT ELCM NATM RUBY BHAT CML NSRM BAFS FECS MIRKS ADOS EXIDE GTYR OTSU COLG LPGL MERIT WAZIR CLOV GVGL PSEL

% Change 2.80 5-Day High 875.08 5-Day Low 806.43

2009 Div BR (%) (%)

51.25

2010 Div BR (%) (%)

5513.33B

-

-

FINANCIAL SERVICES Performance of SR Financial Services Index Open 356.16 Turnover 22,574,705 P/E (x) 0.43 Paid up Cap(mn)

Company

High Low 378.18 350.08 Total cos Defaulter cos P/BV (x) ROE (%) 0.16 37.22

PE

Open

High

Low

AMZ Ventures 225 Arif Habib Invest. XB 360 7.78 Arif Habib Limited XB 450 6.64 Arif Habib Securities 3750 2.29 Dawood Cap Mangt. XB 150 Dawood Equities 250 First Credit & Invest Bank Ltd 650 28.25 Grays Leasing 215 IGI Investment Bank 2121 Invest and Fin SecSPOT 600 2.81 Invest Bank 2849 Ist Cap SecuritiesSPOT 2878 1.80 Ist Dawood Bank 626 0.31 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap XD 500 JS Investment 1000 13.47 KASB Securities 1000 Pervez Ahmed Sec 775 Saudi Pak Leasing 452 Trust Inv Bank 586 -

0.52 16.51 25.96 22.22 1.20 1.99 3.75 2.19 2.01 8.14 0.69 4.49 1.72 9.30 2.27 25.31 5.80 3.78 1.69 0.54 1.26

0.65 16.99 27.09 23.33 1.25 1.85 3.60 2.18 2.06 8.79 0.75 4.60 1.90 10.16 2.43 26.25 6.29 3.95 1.80 0.78 1.30

0.56 16.00 25.25 22.30 1.15 1.85 3.00 1.50 2.00 8.00 0.58 4.36 1.72 9.13 2.20 24.76 5.63 3.61 1.65 0.58 1.30

Close Chg 0.57 16.65 26.62 23.24 1.25 1.85 3.39 1.50 2.04 8.06 0.69 4.38 1.85 9.82 2.35 25.45 6.06 3.66 1.73 0.77 1.30

0.05 0.14 0.66 1.02 0.05 -0.14 -0.36 -0.69 0.03 -0.08 0.00 -0.11 0.13 0.52 0.08 0.14 0.26 -0.12 0.04 0.23 0.04

Close 369.20 Listed cap 30,336.44 mn Payout (%) 4.60

Volume 245186 71462 128711 6065464 772 1000 46000 307 43025 14914 96295 40703 14406 14639605 319547 37399 745140 1005 107295 363 2000

Change 13.04 Market cap 26,352.05 mn Div Yield (%) 10.59

% Change 3.66 5-Day High 369.20 5-Day Low 354.88

Last 60 days High Low

2009 Div BR (%) (%)

1.10 20.99 47.70 34.99 2.69 3.36 4.50 4.00 2.43 9.00 1.16 5.34 2.84 15.47 5.90 42.00 8.44 5.49 2.69 1.70 4.25

15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -

0.42 13.00 24.62 20.90 0.50 1.55 2.00 0.32 1.17 6.90 0.44 2.54 1.17 8.80 1.96 24.25 5.10 3.20 1.35 0.40 1.24

2010 Div BR (%) (%) 20B 20B 10B -

EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,033.70 Turnover 3,147,360 P/E (x) 7.36

2010 Div BR (%) (%)

NON LIFE INSURANCE Open 666.15 Turnover 2,182,899 P/E (x) 11.14

Paid up Cap(mn)

Company

2010 Div BR (%) (%)

31R -

31.30 50.25 10.40 42.03 10.99 80.00 55.60 14.51 6.49 2.40 8.91 13.29 7.00 5.40

Performance of SR Life Insurance Index

ELECTRICITY High Low 1,186.79 1,159.03 Total cos Defaulter cos P/BV (x) ROE (%) 1.16 9.35

31.00 50.25 10.40 41.05 10.99 78.00 55.60 14.31 6.49 2.35 8.33 13.25 6.99 5.40

LIFE INSURANCE

-

Performance of SR Electricity Index Open 1,173.39 Turnover 3,958,635 P/E (x) 12.37

31.70 50.25 11.40 42.03 11.19 80.00 56.00 14.85 6.49 2.45 8.95 13.35 7.95 5.40

Paid up Cap(mn)

Company

1st Fid Leasing AL-Meezan Mutual F. XD Atlas Fund of Funds B F ModarabaSPOT B R R Guardian Mod. Constellation Mod. Crescent St Mod. SPOT Elite Cap Mod. SPOT Equity Modaraba First Capital Mutual F. Golden ArrowSPOT H B L Modaraba XD Habib Modaraba JS Growth Fund JS Value Fund Meezan Bal. Fund XD NAMCO Bal. Fund Pak ModarabaSPOT Pak Prem Fund Pak Strat Fund Paramount Mod. SPOT PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund XD Prud Modaraba 1st XD Punjab Modaraba Stand Chart Mod. XD

High Low 1,058.99 1,023.02 Total cos Defaulter cos P/BV (x) ROE (%) 0.30 4.09

PE

Open

High

Low

264 1375 2.36 525 2.61 68 8.40 780 65 3.21 200 3.32 113 3.85 524 300 3.77 760 4.02 397 4.78 1008 4.44 3180 36.38 1186 1200 2.66 1000 2.87 125 1.82 1698 3.81 3000 5.62 59 7.95 1000 2.93 2835 2.26 2841 1.87 872 2.63 340 6.14 454 4.98

1.35 6.25 2.70 4.30 1.19 1.87 0.65 2.63 1.19 4.04 3.65 5.45 5.90 2.94 2.80 5.50 2.55 1.00 8.02 7.05 8.95 5.50 8.42 3.79 0.94 1.29 8.85

1.29 6.25 3.48 4.20 1.10 1.92 0.94 2.80 1.10 4.00 3.80 5.49 5.91 3.20 2.90 5.50 2.87 1.16 8.05 7.25 8.90 5.68 8.40 3.95 1.00 1.35 8.80

1.20 6.10 3.39 4.15 0.92 1.05 0.60 2.17 1.10 3.16 3.65 5.40 5.85 2.90 2.61 5.50 2.52 1.00 8.00 7.00 8.70 5.50 8.20 3.62 0.90 1.20 8.74

Close Chg 1.29 6.11 3.39 4.20 1.10 1.06 0.83 2.50 1.10 3.51 3.70 5.40 5.90 2.91 2.79 5.50 2.87 1.00 8.01 7.19 8.90 5.50 8.23 3.71 1.00 1.29 8.76

-0.06 -0.14 0.69 -0.10 -0.09 -0.81 0.18 -0.13 -0.09 -0.53 0.05 -0.05 0.00 -0.03 -0.01 0.00 0.32 0.00 -0.01 0.14 -0.05 0.00 -0.19 -0.08 0.06 0.00 -0.09

Close 1,035.75 Listed cap 29,771.58 mn Payout (%) 104.19

Change 2.05 Market cap 17,453.80 mn Div Yield (%) 24.88

% Change 0.20 5-Day High 1,038.27 5-Day Low 1,029.91

Volume

Last 60 days High Low

2009 Div BR (%) (%)

1056 13700 1000 152 20001 4904 489361 58002 5000 212 117528 221 86508 133511 376104 2994 2075 7404 175721 410000 600 39306 464639 12020 527600 194928 2753

2.24 7.25 4.20 4.90 2.43 2.99 0.94 3.44 1.50 4.04 3.88 6.80 7.49 4.39 3.98 7.49 3.70 1.40 9.86 8.10 9.45 6.49 10.55 5.00 1.20 2.00 10.99

4.5 5 20 10 5 15 16.5

1.01 5.85 2.53 3.65 0.90 0.90 0.16 1.65 0.76 0.99 2.32 4.80 5.56 2.70 2.31 5.30 2.25 0.25 7.00 6.01 6.55 4.00 7.60 3.50 0.70 0.57 7.75

2010 Div BR (%) (%)

- 18.5 2.2 0 1.2 5 17 11 21 5 10 - 15.5 15 3 - 18.6 - 11.53 18 5 20 10 3 1 17

Open 90.11 34.95 5.80 22.57 5.00 113.00 35.50 64.98 12.50 95.00 1.99 11.00 2.60 1941.00 5.25 1189.99 6.20 68.00 454.05 17.80 10.25 14.69 13.90 57.36 4.21 23.50 3.49 77.70 97.50 74.00 1.98 2.50 20.00 1370.00 3.90 41.80 307.98 4007.50 0.91 43.23 7.38 1030.00 3.17 112.00 17.50 2.00 0.99 115.26 1.70 1.10 6.70 10.79 3.47 36.53 24.77 119.99 57.00 47.95 12.48 2.70 6.68 23.10 11.00 13.60 5.74 189.00 2.80 17.19 51.90 40.95 59.17 15.50 142.90 22.50 29.26 740.00 14.45 16.00 5.21 49.45 28.70 154.58

High 90.00 34.00 5.90 23.69 5.00 113.00 36.10 66.40 12.50 94.00 1.80 12.00 2.51 1960.00 5.69 1179.99 6.99 67.23 450.10 18.00 10.25 15.60 14.00 58.00 4.99 23.80 4.39 78.90 98.75 77.70 1.58 2.50 20.00 1433.00 4.25 43.80 305.00 4167.99 0.95 44.00 7.47 1020.00 4.10 116.00 17.45 2.20 0.90 120.00 1.65 1.20 5.70 10.90 4.00 38.35 25.90 124.99 57.79 45.61 13.48 2.89 6.64 23.50 12.00 13.60 6.74 198.00 2.92 17.19 54.00 42.99 60.00 15.78 148.98 22.01 29.59 768.00 15.45 15.10 5.90 47.19 28.90 155.00

Low

Close

90.00 34.00 5.80 23.69 5.00 113.00 36.10 62.01 12.46 93.99 1.80 10.00 2.51 1844.00 4.70 1152.00 6.35 64.60 450.00 18.00 9.25 15.59 13.90 57.00 4.70 22.34 3.01 74.98 98.50 74.00 1.50 2.50 20.00 1428.00 3.00 40.00 300.00 3975.00 0.94 44.00 7.47 1020.00 4.10 116.00 17.45 1.72 0.62 114.97 1.65 0.61 5.70 9.94 4.00 37.00 25.89 115.00 57.75 45.61 13.00 2.80 6.64 23.50 12.00 12.60 6.25 198.00 2.92 17.19 54.00 42.99 60.00 15.78 148.98 22.01 29.59 768.00 15.25 15.10 5.90 47.19 28.90 155.00

90.00 34.00 5.80 23.69 5.00 113.00 36.10 62.01 12.49 94.00 1.80 12.00 2.51 1924.11 5.64 1152.00 6.40 67.23 450.02 18.00 10.25 15.59 13.90 58.00 4.70 22.58 3.46 78.90 98.50 74.00 1.58 2.50 20.00 1428.00 3.00 40.00 304.00 4000.01 0.95 44.00 7.47 1020.00 4.10 116.00 17.45 1.72 0.90 114.97 1.65 0.91 5.70 9.94 4.00 37.00 25.89 124.99 57.75 45.61 13.00 2.80 6.64 23.50 12.00 13.60 6.25 198.00 2.92 17.19 54.00 42.99 60.00 15.78 148.98 22.01 29.59 768.00 15.25 15.10 5.90 47.19 28.90 155.00

Change

Vol

-0.11 -0.95 0.00 1.12 0.00 0.00 0.60 -2.97 -0.01 -1.00 -0.19 1.00 -0.09 -16.89 0.39 -37.99 0.20 -0.77 -4.03 0.20 0.00 0.90 0.00 0.64 0.49 -0.92 -0.03 1.20 1.00 0.00 -0.40 0.00 0.00 58.00 -0.90 -1.80 -3.98 -7.49 0.04 0.77 0.09 -10.00 0.93 4.00 -0.05 -0.28 -0.09 -0.29 -0.05 -0.19 -1.00 -0.85 0.53 0.47 1.12 5.00 0.75 -2.34 0.52 0.10 -0.04 0.40 1.00 0.00 0.51 9.00 0.12 0.00 2.10 2.04 0.83 0.28 6.08 -0.49 0.33 28.00 0.80 -0.90 0.69 -2.26 0.20 0.42

100 100 100 100 99 95 94 81 75 70 50 50 49 43 33 33 32 31 29 25 24 21 20 17 15 13 13 12 11 11 10 10 10 10 10 7 6 6 5 5 5 5 4 4 4 4 3 3 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

FUTURE CONTRACTS

10B -

Symbols

Open

High

Low

Close

DGKC-OCT

25.68

26.54

25.65

26.38

0.70

646000

NBP-OCT

64.45

66.80

64.40

65.79

1.34

361000

NML-OCT

48.68

49.64

48.51

49.29

Change

0.61

241500

Vol

MCB-OCT

200.17

202.27

200.10

200.67

0.50

198000

PSO-OCT

273.68

274.90

271.26

271.78

-1.90

190000

ANL-OCT

10.25

10.65

10.05

10.43

0.18

159500

POL-OCTB

233.03

234.79

231.61

232.16

-0.87

136500

OGDC-OCT 150.21

153.00

151.48

152.15

1.94

124500

ENGRO-OCT 177.34

178.79

177.00

177.32

-0.02

115000

PPL-OCT

186.29

188.38

185.66

187.00

0.71

97500

AICL-OCT

71.86

72.00

71.00

71.37

-0.49

63000

LUCK-OCT

69.71

70.49

69.20

70.35

0.64

61500

NCL-OCT

19.23

19.30

18.80

18.80

-0.43

35000

PTC-OCT

19.30

19.35

19.00

19.05

-0.25

19000

UBL-OCT

53.25

53.60

53.60

53.60

0.35

1000

BOP-OCT

8.00

8.25

8.25

8.25

0.25

1000

POL-COCTW3231.27

231.27

231.27

232.34

1.07

0.00

ZERO VOLUME Symbols

Open

High

Low

Close

AABS

96.00

95.90

95.90

95.90

-0.10

ALNRS

42.00

41.95

41.95

ALQT ARPAK

Change

Vol 0.00

41.95

-0.05

0.00

3.26

3.70

3.70

3.70

0.44

0.00

12.00

13.00

13.00

13.00

1.00

0.00

BROT

0.89

0.85

0.85

0.85

-0.04

0.00

BWHL

30.40

30.00

30.00

30.00

-0.40

0.00

BOARD MEETINGS

Dera Ghazi Khan Cement Co Ltd

KSE 100 INDEX

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

75.28

Support 1

10,431.70

MA (5-day)

10,401.51

Support 2

10,379.00

MA (10-day)

10,283.65

Resistance 1

10,537.20

MA (100-day)

9,914.88

Resistance 2

10,590.05

9,969.91

Pivot

as resistance level is concern, the market will see major 1st resistance level at find its 1st support level at 10,431.70 and 2nd support level at 10,379.00.

Brokerage House

Buy

*Arif Habib Ltd

43.29

Buy

AKD Securities Ltd

TFD Research

36.85

Positive

TFD Research

Technical Outlook Technical Analysis

Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean

Fair Value

Rs Recommendations

Brokerage House

Buy

*Arif Habib Ltd

61.96

Neutral

AKD Securities Ltd

92.3

Positive

TFD Research

78

182.55 4,812.01 37.98 26.03

* Target price for Dec-10 & **Net Open Interest in future market

Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)

Leverage Position

58.55 64.24 65.37 72.25

Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean

Fair Value

Rs Recommendations

65

Buy

59.97

Buy

74.2

318.37 20,875.32 62.31 65.09

* Target price for Dec-10 & **Net Open Interest in future market

Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)

Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean

175.80 9,051.94 31.49 51.26

* Target price for Dec-10 & **Net Open Interest in future market

DGKC closed up 0.66 at 26.36. Volume was 90 per cent above average NBP closed up 1.36 at 65.57. Volume was 163 per cent above average NML closed up 0.63 at 51.49. Volume was 38 per cent above average and

KSE 100 INDEX is currently 5.2 per cent above its 200-day moving aver- and Bollinger Bands were 21 per cent narrower than normal.

(trending) and Bollinger Bands were 58 per cent narrower than normal.

Bollinger Bands were 22 per cent narrower than normal.

age and is displaying an upward trend. Volatility is extremely low when DGKC is currently 3.3 per cent below its 200-day moving average and is NBP is currently 1.0 per cent below its 200-day moving average and is dis- NML is currently 1.6 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the compared to the average volatility over the last 10 trading sessions. displaying an upward trend. Volatility is low as compared to the average playing an upward trend. Volatility is low as compared to the average average volatility over the last 10 trading sessions. Volume indicators Volume indicators reflect moderate flows of volume into INDEX (mildly bullvolatility over the last 10 trading sessions. Volume indicators reflect mod- volatility over the last 10 trading sessions. Volume indicators reflect volume reflect moderate flows of volume into NML (mildly bullish). Trend forecastMomentum oscillator is currently indicating that INDEX is currently in an erate flows of volume into DGKC (mildly bullish). Trend forecasting oscilla- flowing into and out of NBP at a relatively equal pace. Trend forecasting ing oscillators are currently bullish on NML. Momentum oscillator is cur-

ish). Trend forecasting oscillators are currently bullish on INDEX.

tors are currently bullish on DGKC.

overbought condition.

Brokerage House AKD Securities Ltd

Brokerage House

Fair Value

rently indicating that NML is currently in an overbought condition.

Lucky Cement Ltd

Oil & Gas Development Co Ltd

Rs Recommendations

Brokerage House

Fair Value

Rs Recommendations

Fair Value

Rs Recommendations

24.04

Buy

*Arif Habib Ltd

Buy

*Arif Habib Ltd

120

Sell

*Arif Habib Ltd

83

Buy

Positive

AKD Securities Ltd

10.25

Accumulate

AKD Securities Ltd

133

Reduce

AKD Securities Ltd

105.2

Buy

TFD Research

14.01

Positive

TFD Research

Negative

TFD Research

72.75

Neutral

TFD Research

30.5

51.33 19.23 18.72 19.64

Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean

14

Brokerage House

Technical Outlook

Technical Outlook Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)

oscillators are currently bullish on NBP.

Bank Alfalah Ltd

Pakistan Telecommunication Co Ltd

584.63 11,137.29 7.88 19.17

* Target price for Dec-10 & **Net Open Interest in future market

Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)

60.99 8.95 8.85 10.56

126.33

Rs Recommendations

Technical Outlook

Technical Outlook

Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean

Fair Value

674.58 6,071.20 N/A 8.91

* Target price for Dec-10 & **Net Open Interest in future market

Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)

72.96 148.52 142.48 133.77

Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean

630.05 96,227.67 135.97 152.24

* Target price for Dec-10 & **Net Open Interest in future market

Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)

46.86 72.22 67.12 70.13

Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean

129.35 9,080.37 9.94 69.77

* Target price for Dec-10 & **Net Open Interest in future market

PTC closed down -0.24 at 19.05. Volume was 2 per cent above average BAFL closed up 0.15 at 9.00. Volume was 6 per cent below average and OGDC closed up 1.56 at 152.73. Volume was 14 per cent above average LUCK closed up 0.91 at 70.20. Volume was 2 per cent above average and Bollinger Bands were 67 per cent wider than normal.

and Bollinger Bands were 33 per cent narrower than normal.

reflect volume flowing into and out of PTC at a relatively equal pace. Trend

Bollinger Bands were 18 per cent narrower than normal. BAFL is currently 14.7 per cent below its 200-day moving average and is OGDC is currently 14.2 per cent above its 200-day moving average and is LUCK is currently 0.1 per cent above its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is extremely high when compared to volatility over the last 10 trading sessions. Volume indicators reflect modthe average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators erate flows of volume into OGDC (mildly bullish). Trend forecasting oscilreflect very strong flows of volume into BAFL (bullish). Trend forecasting lators are currently bullish on OGDC. Momentum oscillator is currently indi- reflect volume flowing into and out of LUCK at a relatively equal pace.

forecasting oscillators are currently bullish on PTC.

oscillators are currently bullish on BAFL.

cating that OGDC is currently in an overbought condition.

and Bollinger Bands were 48 per cent narrower than normal. PTC is currently 3.0 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators

Trend forecasting oscillators are currently bullish on LUCK.

Date

Time

Askari General Insurance Co Ltd B.R.R Guardian Modaraba Biafo Industries Limited Crescent Standard Modaraba Meezan Balanced Fund Meezan Capital Protected Fund Meezan Islamic Fund Meezan Islamic Income Fund Pakistan Petroleum Ltd PICIC Growth Fund PICIC Investment Fund Thal Limited Tri-Pack Films Ltd ZIL Limited Al-Meezan Mutual Fund Ltd Pakistan Refinery Limited Rafhan Maize Product Co Ltd Nestle Pakistan Limited Packages Ltd Shell Pakistan Limited

19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 20-Oct 20-Oct 20-Oct 22-Oct 22-Oct 22-Oct

11:00 11:00 11:30 11:00 4:15 4:15 4:15 4:15 10:30 11:30 11:30 3:00 11:00 11:00 3:30 10:30 9:00 9:30 11:30 10:30

Company

Leverage Position

70.65 49.25 46.55 52.32

Company

TECHNICAL LEVELS

Positive

Technical Outlook

Technical Outlook

Leverage Position

63.54 25.09 25.08 27.26

10,484.55

10,537.20 and 2nd resistance level at 10,590.05, while Index will continue to

Rs Recommendations

44

AKD Securities Ltd

RSI (14-day) MA (10-day) KSE 100 INDEX closed up 52.55 points at 10,484.39. Volume was 60 per cent MA (100-day) above average and Bollinger Bands were 3 per cent wider than normal. As far MA (200-day) MA (200-day)

Fair Value

*Arif Habib Ltd

Nishat Mills Ltd

National Bank of Pakistan

Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Limited Arif Habib Securities Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement DGKCement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors JOV and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power KESC Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec PIAC(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki PSO XD PTCLA Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele

RSI 1st 2nd (14-day) Support 42.69 3.00 2.90 63.54 53.40 52.75 50.34 63.65 62.00 41.83 25.55 24.50 49.58 22.60 21.95 59.01 70.65 70.10 59.22 14.75 14.30 52.97 10.05 9.70 72.10 364.90 362.55 67.49 90.30 89.45 60.99 8.75 8.55 51.77 3.10 3.00 47.43 8.05 7.90 50.80 1.50 1.45 63.54 25.75 25.10 66.41 1.50 1.30 70.47 2.40 2.20 67.16 41.35 40.70 78.05 72.80 72.15 51.25 176.10 175.35 58.98 13.70 13.30 55.08 4.95 4.90 65.08 29.50 29.35 60.32 107.70 107.45 61.67 99.00 97.20 51.81 33.40 32.95 57.79 121.20 119.30 55.64 228.15 226.15 35.60 2.25 2.10 53.55 1.50 1.45 49.84 2.30 2.20 44.21 9.25 8.65 27.92 38.80 38.55 59.22 2.10 2.00 46.86 69.45 68.75 64.58 199.40 198.55 47.79 2.85 2.75 58.55 64.30 63.00 71.51 19.10 18.80 50.78 18.35 18.00 57.46 2.85 2.75 52.93 1.40 1.35 70.65 50.80 50.10 72.96 151.15 149.55 57.68 2.90 2.85 56.93 1.65 1.60 51.88 2.10 1.95 59.31 8.00 7.65 42.35 230.35 228.90 53.29 185.35 184.10 50.42 74.50 74.00 53.72 269.55 267.95 51.33 18.85 18.70 45.37 193.00 191.60 58.36 31.20 30.85 73.39 9.45 8.90 61.44 28.15 27.80 66.57 2.35 2.20 49.48 3.90 3.80 52.62 52.25 51.45 66.49 2.80 2.75

1st

2nd

Resistance 3.20 3.30 54.70 55.35 66.35 67.45 27.40 28.15 23.60 24.00 71.90 72.60 15.55 15.90 10.70 11.00 369.50 371.75 92.20 93.25 9.15 9.30 3.25 3.35 8.30 8.45 1.65 1.75 26.75 27.15 1.80 1.90 2.80 2.95 42.35 42.70 73.80 74.10 178.15 179.50 14.45 14.85 5.05 5.10 29.85 30.00 108.35 108.75 102.15 103.45 34.15 34.45 124.85 126.60 232.00 233.85 2.45 2.55 1.60 1.65 2.45 2.50 10.25 10.75 39.40 39.75 2.25 2.30 70.65 71.10 201.60 203.05 2.95 3.00 66.70 67.80 19.80 20.20 19.05 19.35 3.00 3.10 1.50 1.60 52.10 52.70 154.20 155.65 3.05 3.10 1.80 1.90 2.30 2.35 8.60 8.85 234.10 236.40 188.30 190.00 76.00 77.00 273.55 275.95 19.30 19.60 196.40 198.35 31.95 32.35 10.45 10.85 29.15 29.75 2.70 2.85 4.10 4.25 53.80 54.55 2.90 2.95

Pivot 3.10 54.05 64.70 26.30 22.95 71.35 15.10 10.35 367.15 91.35 8.95 3.15 8.20 1.60 26.15 1.60 2.55 41.70 73.15 177.45 14.10 5.00 29.70 108.10 100.30 33.70 122.95 230.00 2.35 1.55 2.35 9.70 39.15 2.15 69.95 200.80 2.90 65.40 19.50 18.70 2.90 1.45 51.40 152.60 3.00 1.75 2.15 8.25 232.65 187.05 75.50 271.95 19.15 195.00 31.60 9.85 28.80 2.55 4.00 53.00 2.85


8

Tuesday, October 19, 2010

Zong helps manage solid waste

LAHORE: Zong signed a MoU with City District Government Lahore. Picture shows Waseem Ajmal Ch, MD /DO (Lahore Solid Waste Management) shaking hands with Ali Kamran, Director, Zong after the signing of agreement.-Staff Photo

President woos Oman to invest in telecoms ISLAMABAD: President Asif Ali Zardari has said that keeping in view the geographical proximity of Pakistan and Oman, there is a huge potential of bilateral trade and that the Omani investment would be welcome in many sectors especially telecom . The President was talking to Foreign Secretary of Oman Sheikh Ahmed Bin Yousuf AlHarthy, who called on him here at the Aiwan-e- Sadr. Ambassador of Oman

Mohammad Al-Lawati and other senior officials accompanied the Foreign Secretary. From Pakistan side, Secretary General to the President, M Salman Faruqui, Foreign Secretary, Salman Bashir and Spokesperson to the President Farhatullah Babar were present during the meeting. Pakistan-Oman bilateral relations and matters concerning the economic cooperation, trade, commerce and investment were discussed during the

meeting. The President thanked the Omani government and the people for their generous assistance during the recent devastating floods. The President also congratulated Oman on 40th anniversary of "Blessed Renaissance". Appreciating visionary leadership of Sultan Qaboos, the President remarked that Oman has witnessed tremendous progress and development under his able leadership. -APP

Telenor 'easypaisa' completes one year Staff Reporter ISLAMABAD: Pakistan's first real branchless banking solution, easypaisa, has successfully completed a year of operations. The service, which was launched jointly by Telenor Pakistan and Tameer Microfinance Bank last year, has helped provide people across Pakistan with access to convenient and secure financial services. Roar BjĂŚrum, Vice President Financial Services, Telenor Pakistan said, "Easypaisa is a uniquely convenient way for everyone to carry out financial transactions such as money transfer and bill payments. More than six million transactions worth Rs10 billion have been moved through the system in a year, with a million

transactions worth nearly Rs2 billion in the last month alone, which reflects customers' trust in the services. Our aim is to continue to change the way financial transactions are carried out in Pakistan, and to develop a portfolio of easypaisa services that meets different customer needs." Ali Abbas Sikander, Group Executive Director Technology & Operations, Tameer Microfinance Bank, said, "In Pakistan, there are currently an estimated 30 million economically active people who have no access to basic transactional services, let alone savings and other financial safety net solutions. Now, with easypaisa, these people can have a bank account without a physical bank branch and can conduct financial transac-

tions from the comfort of the home using just a basic cell phone. All transactions are transparent, regulated by the State Bank of Pakistan." The service, when it was launched a year ago, was available at 2,200 outlets. Currently, easypaisa services are available at more than 11,000 outlets in 700 urban and rural areas across Pakistan. The spread is even greater than the number of bank branches in Pakistan, which is 8,000 in total. Easypaisa has been reviewed in the international media too such as on Al-Jazeera and by the Financial Times. CNN has called easypaisa 'the model of the future'. Other easypaisa products and solutions in the pipeline include corporate payment solutions and insurance, among others.

Apple asks OK to sell iPad in SK SEOUL: US technology giant Apple is seeking approval to sell its iPad in South Korea, the telecommunications regulator said Tuesday, after the iPhone's local popularity fanned interest in the tablet computer. The Korea Communications Commission said in a statement it would make a decision within five days on the request by Apple's Korean unit for technical approval. The touch-screen computer allows users to watch videos, listen to music, play games, surf the web or read electronic books. A spokesman for KT Corp, local distributor of Apple's iPhone, told Yonhap news agency it hopes to release the iPad in November once the certification is completed. He did not give a specific date. Apple rolled out its iPad in the US on April 3 and sold more than three million in 80 days. It has shifted more than one million iPhones in South Korea since its debut in the country last November. Its success prompted competitors such as Samsung Electronics and LG Electronics to roll out their own new smartphones including Samsung's Galaxy series and LG's Optimus. Samsung is planning a domestic launch of its first tablet computer, the Galaxy Tab, before the end of this year through KT's rival SK Telecom.-Agencies

LAHORE: Zong has announced an initiative for protection of metropolitan environment in Lahore, as a corporate social responsibility project. In this regard Zong signed a MoU with the Solid Waste Management and Lahore Waste Management Company - a part of Solid Waste Management - City District Government Lahore, for creating awareness amongst citizens for environmental protection, with public sector investment in cleanliness of Lahore city through Solid Waste Management and a professionally managed company. According to a statement issued here, as part of the MoU, Zong will design and execute a public awareness campaign focusing on cleanliness of surroundings within the Lahore city while encouraging public to dispose of their litter in a proper way. During the signing ceremony, officials from the City District Government Lahore, Zong and other dignitaries were also present. Zong will provide mobile phone connections to Solid Waste Management - City District Government Lahore workers & Lahore Waste Management Company that will have dedicated numbers for citizens to call in and register their complaints. Moreover this would be a generation shift from simple wireless to cellular subscription, making the staff more accessible and hence effec-

Zong offers Android cellphone Staff Reporter KARACHI: ZONG has launched the first fair priced Android handset in Pakistan. Already available Android 2.2 handsets in Pakistan have been priced for the high-end segment of the consumers. The applications available in an Android Phone are unlimited, facilitating the consumers to always stay connected with social networking groups, configure multiple email accounts, get information about important places in nearby vicinity and download unlimited free application and games. tive. "Urban centers like Lahore generate thousands of tonnes of litter every day. It is important that citizens proactively support collection and disposal of litter in a systematic yet environmental-friendly manner," stated Ali Kamran, Director Zong. "As a responsible corporate citizen that believes in preservation of the environment, ZONG has decided to partner with Solid Waste Management - City District Government Lahore and use its technological advantage to reinforce positive values in our society," he added.-Agencies

Nokia urges users to recycle old cells KARACHI: Nokia has announced the launch of its recycling programme in Pakistan. The programme will have recycle boxes at all 9 Nokia Care centers across the country. The initiative is launched to invite the mobile phone users to recycle their old phones with Nokia. According to Nokia's global consumer survey on recycling, only 3 per cent of people recycle their mobile phones despite the fact that on average most have several old devices lying around at home they no longer want. 74 per cent of people said they don't think about recycling their

mobile phones while 50 per cent of the people were unaware that it is possible to recycle mobile phone. "If every Nokia user recycled just one unused phone at the end of its life, together we would save nearly 125,000 tonnes of raw materials" said Adeel Hashmi, Country Communications Manager, Nokia Pakistan and Afghanistan. "Nokia's goal is to support environment-friendly lifestyle by offering consumers the opportunity to deliver any brand of the old and obsolete cell phones easily at the nearest Nokia Care center for recycling," he added.-PR

Affectees tenting at Ufone's expense

DUBAI: Men walk past Blackberry booth at the Gulf Information and Technology Exhibition (GITEX).-Reuters

ISLAMABAD: Ufone has recently set up tent villages in Multan, Charsadda and Sukkur to help those flood affected people who are in dire need of shelter, announced a statement given here. Keeping in view the immense need of shelter, Ufone has set up tent villages using re-cycled panaflex sheets taken off from hoardings and billboards of bygone commercial campaigns of Ufone. So far villages have been put up in Charsadda, Sukkur, and Multan. Each village can house up to 300 people.

Akbar Khan Chief Marketing Officer Ufone said that Pakistan is in great need of support from the people and the corporate sector and Ufone as a socially responsible organisation is trying its best to meet the requirements by providing basic needs starting from shelter. As the winter is slowly setting in the need for sturdy shelter is essential. Other than the organisation a number of our employees have gone out of their way to help the affectees on personal basis. It is time we all came together for the betterment of the nation.-Agencies

Kuwaiti telco Zain largely out of debt KUWAIT CITY: Kuwait's Zain telecom has repaid most of its debt following the $10.7 billion sale of its African units, but is still seeking to restructure a "small" debt, a company official has said. "We have repaid most of our debt and what remains is a small loan but with a high interest rate that we are trying to restructure," Chief Operating Officer Barrak alSabeeh told reporters late Wednesday night. He did not disclose the size of the debt.Sabeeh said the company is seeking to obtain a revolving facility of $1.5 billion that it can use in part to repay the small debt. In June, Kuwait's largest mobile operator sold its units in 15 African nations to India's telecom giant Bharti Airtel for $10.7 billion. Zain said it made a profit close to $3 billion from the sale. Zain has said that it used a good part of the sale price to repay debt.The company said on Wednesday its net profit almost doubled in the third quarter of 2010 while its nine-month profit rose four-fold mainly from returns of its African sale. Zain posted 80.7 million dinars ($286.2 million) in net profit in the three months to September 30 compared to 41.2 million dinars ($146.1 million) a year ago, a jump of 95.6 per cent, the company said in a statement posted on the Kuwait bourse website. In the first nine months of 2010, Zain posted a net profit of 976 million dinars ($3.46 billion), a 400-per cent rise from the corresponding period last year, the statement said. The amount includes a "capital gain" of 770.3 million dinars ($2.73 billion) from returns on the African sale. Prominent Zain shareholders agreed two weeks ago to a preliminary offer from United Arab Emirate's telecom giant Etisalat to purchase a 46 per cent stake in a deal worth well above $10 billion. The two parties are still negotiating details to close the deal expected to be finalised before the year end. CEO Nabeel bin Salamah told reporters late Wednesday the company management was not involved in the talks. "Until this moment, we (the board) have not received any thing about the deal. This matter only concerns the shareholders," bin Salamah said. Zain is the largest of three mobile operators in Kuwait, the other two being the Qatar Telecom-controlled National Telecommunications Co (Wataniya) and Kuwait Telecommunications Co (VIVA), run by Saudi Telecom. -APP

Wateen FY10 revenue at Rs8.6bn Staff Reporter KARACHI: Wateen Telecom Limited has posted Rs8,608 million as revenue in the year ended June 30, 2010 (FY10) with the gross margin for second half of FY10 increasing to 38 per cent from 30 per cent compared to the first half of FY10. Although Wateen posted Rs1,994 million as after tax loss for FY10, this was an improvement over initially projected loss of Rs2,071 million for the same period. Company's financial performance in FY10 has shown a positive trend marked by a positive EBITDA of 6 per cent for second half compared to negative 3 per cent for first half of FY10. Wateen Telecom outperformed management expectations through various cost rationalising and consolidation initiatives aimed at lowering operational overheads.


9

Tuesday, October 19, 2010

Oil surges above $82 on French strike Early strong dollar weighs, but pared gain supportive NEW YORK: Oil rose sharply on Monday, pushing above $82 a barrel as refined products futures were lifted by strikes affecting French shipping and refineries, which dragged crude Oil higher. The dollar's early strength had pressured Oil, but the greenback's pared gains against the euro and a basket of currencies added spring to the Oil price bounce. France began to tap emergency fuel reserves as strikes by refinery and port workers continued and a growing number of fuel stations began to run dry. US crude for November delivery rose $1.43, or 1.8 per cent, to $82.68 per barrel by 1620 GMT, its biggest percentage gain in two weeks. In LONDON, ICE Brent December crude rose $1.47, or 1.8 per cent, to $83.92 a barrel. "Crude is up on the back of products strength due to the

French strike situation," said Addison Armstrong, director of market research at Tradition Energy in Stamford, Connecticut. Nationwide strikes over pension reforms have spread to the country's 12 Oil refineries over the past seven days, adding to the impact of a three-week

strike at France's largest Oil port, Fos-Lavera. "RBOB (gasoline) and heating Oil (futures) are up on the French strike. There is an expectation the US will be exporting more gasoline and distillate and that cargoes from Europe will not be coming here," said Phil Flynn, analyst at PFGBest Research in Chicago. US gasoline and heating Oil

futures, the distillate benchmark, rose 2 per cent as the French strikes continued to hit fuel production in the region. Crude Oil prices fell early on Monday to below $81 a barrel as the US dollar enjoyed its own bounce, coming back from a 10-month low against a basket of currencies as investors trimmed bearish bets against the greenback due to uncertainty over the extent and impact of further monetary easing. "It looks like we are revising down the possible impact of QE2 and I think prices will return to the $70$80 range in the coming days or weeks," said Christophe Barret, Oil analyst at Credit Agricole. Oil had moved back above $80 on optimism a boost to the US economy would improve weak fuel demand but the rally lost steam at the end of last week and Oil finished lower on a weekly basis. -Reuters

WEST BANK - PALESTINE: A Palestinian woman, right, and a foreign activist pick olives in the village of Burin near the West Bank city of Nablus. -Agencies

Malaysain palm oil falls to one-week low KUALA LUMPUR: Malaysian palm oil fell to its lowest in a week and other vegetable oil prices stalled as a stronger dollar and more favourable weather outlooks in South America sapped sentiment. Palm oil -- which was within striking distance of the 3,000 ringgit level last hit in August 2008 -- came under pressure from some technical selling and weaker-than expected exports in October. Malaysia's benchmark January 2011 palm oil contract

ended 1.6 per cent lower at 2,889 ringgit ($937.4) after going as a low as 2,877 ringgit --- a level last traded on Oct. 11. Traded volume doubled to 20,653 lots of 25 tonnes each from the usual 10,000 lots. "Above 3,000 ringgit ($973.4) is still the target to hit although the market was due for a correction after it rose more than 200 ringgit," said a trader with foreign brokerage in Kuala Lumpur. US soyoil for December delivery lost almost 1 per cent in Asian hours, primarily on

the dollar edging higher, which makes commodities priced in the greenback, more expensive. Forecast for some rains in Brazil and widespread rains in Argentina will speed up soy and corn plantings after a slow start, which partly weighed on US and China soyoil markets. The most active May 2011 soyoil contract on China's Dalian Commodity Exchange fell 1.8 per cent. The contract rallied 6.7 per cent the previous week -- its biggest weekly gain since October 2009. -Reuters

EU wheat declines PARIS: Western European wheat prices turned lower in afternoon trade on Monday under pressure from losses in Chicago, but movements were limited as markets lacked impetus in the absence of major fundamental news. Chicago grain and soybean futures shed around 1 per cent, pressured by a stronger dollar and harvest progress in the United States, helping reverse modest earlier gains for European wheat supported by exchange rates, traders said. In Paris, November milling wheat slipped 1.75 euros to 213.00 euros a tonne by 1616 GMT, having risen to 216.25 euros earlier. "The fall in the Chicago grains complex on the dollar and the US harvest has pushed us into negative territory but it's nothing drastic," one futures dealer said. The absence of fresh physical

demand also dampened Paris futures, traders said. Feed wheat futures in London were lower as the market extended its recent downward correction in the absence of any fresh supportive news. November feed wheat was off 1.50 pounds at 161.00 pounds a tonne. Dealers said the market remained underpinned by a weak pound and concern about supply tightness later in the 2010/11 season (July/June) following strong early exports. Germany's market lost earlyday strength as Paris turned lower and US wheat futures fell in early Monday trade.

Standard new crop bread-quality wheat for October delivery in Hamburg was offered for sale down two euros at 214 euros a tonne with buyers at 211 euros. Prompt feed wheat in top grains port Tarragona, a benchmark in the major importing country, was quoted for resale at 210-211 euros a tonne, up from 203 a week ago, although it was offered at 215-218 euros. "Sellers are consequently putting more pressure on the prompt market, while buyers are more interested in forwards, so neither side is making deals," a report from the Mercolleida agricultural exchange said. -Reuters

LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for October 15 2010 POLYPROPYLENE(PP)

LINEAR LOW (LL)

Cash & Settlement

1300

1175

October (3rd Wednesday)

1285

1150

November (3rd Wednesday)

1270

1155

LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for October 15 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY

Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller

2200 2201 2200 2210 2160 2170 2160 2170

2367 2368 2403 2404 2408 2413 2440 2445

8362 8362.5 8370 8371 8165 8175 7765 7775

2375 2377 2402 2404 2398 2403 2373 2378

24225 24250 24290 24295 23650 23750 22650 22750

TIN

ZINC NASAAC

26850 2379.5 26855 2380 26850 2400.5 26900 2401.5 26150 2440 26200 2445 2420 2425

2275 2276 2295 2305 2305 2315 2355 2365

Copper up as $ pares gains, market tight

European vegetable oil prices ROTTERDAM: The following were the Monday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Nov10 835.00, Dec10/Jan11 833.00, Feb11/Apr11 838.00, May11/Jul11 841.00. RAPEOIL: Dutch/EU euro tonne fob exmill Nov10/Jan11 850.00+0.00, Feb11/Apr11 830.00-7.00, May11/Jul11 835.00-5.00, Aug11/Oct11 825.00+0.00. SUNOIL: EU dlrs tonne extank six ports option Jan11/Mar11 1290.00-10.00, Apr11/Jun11 1280.00-10.00, Jul11/Sep11 1310.00+10.00. LINOIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 1327.50-5.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Oct10 1000.00-5.00, Nov10 990.0012.50, Dec10 980.00-17.50, Jan11/Mar11 977.50-15.00, Apr11/Jun11 980.00-15.00. PALMOIL: RBD dlrs tonne cif Rotterdam Dec10 1022.50, Jan11/Mar11 1017.50. PALMOIL: RBD dlrs tonne fob Malaysia Dec10 975.0017.50, Jan11/Mar11 970.0017.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Dec10 985.00-15.00, Jan11/Mar11 980.00-15.00, Apr11/Jun11 982.50-15.00. PALM STEARIN: Dlrs tonne fob Malaysia Nov10 970.0015.00, Dec10 970.00. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Nov10 845.00+0.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Oct10/Nov10 1405.00-10.00, Nov10/Dec10 1400.00-10.00, Dec10/Jan11 1400.00-10.00, Jan11/Feb11 1400.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 2000.00+0.00. Reuters

Indian sugar closes flat MUMBAI: India's spot sugar ended flat on Monday after rising one per cent in the previous session as a delay in cane crushing outweighed pressure from sluggish demand, dealers said. Demand for sugar usually goes up ahead of Diwali, the Hindu festival of lights, which falls in the first week of November. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety ended unchanged at 2,600 rupees ($58.6) per 100 kg. Fresh showers in India's key sugar producing states of Maharashtra are likely to delay cane crushing, industry and government officials told Reuters. India, the world's biggest consumer of the sweetener, has made available 1. 75 million tonnes of non-levy sugar for October, lower than 1.85 million tonnes it had released a year ago, the government said in a statement. -Reuters

LONDON: Copper rose on Monday, flirting with 27month highs as a rally in the dollar fizzled and underpinned by tight supplies, but weak US data indicated recovery in demand could remain slow. Benchmark copper on the London Metal Exchange closed at $8,443 a tonne from a close of $8,400 on Friday. The metal used in power and construction reversed earlier losses and hit a session high of $8,481 a tonne. Last week it rose as high as $8,490, its loftiest since early July 2008. "It's dollar-related and equities-related," Eugen Weinberg, an analyst at Commerzbank, said of copper's moves, as equities rose in Europe and the United States. "The market is very positive, especially in the longer term," he added. "Everyone's talking about structural tightness and also the ETFs which are also possible for copper." Denting the demand outlook, data showed US industrial production unexpectedly fell in September, though copper reacted little to the figures. The report on Monday supported expectations of further monetary easing next month. Given markets have already fully priced in future easing measures by the Fed, the dearth of detail by Bernanke gave dollar bears little reason to bet down the US currency even further.

Overall, however, analysts say tight copper supplies and an upbeat demand outlook due to expected further easing by the Fed should cap any losses in the metal, which posted a fifth straight week of gains last week. The copper market deficit

Shanghai metals weaken Shanghai's benchmark third month copper dropped 870 yuan to close at 63,020 yuan per tonne. Shanghai zinc slipped 370 yuan to 19,255 yuan per tonne. could pass expectations given ETF Securities is planning to launch exchange-traded products in base metals. There is speculation the copper ETF could hold between 300,000 to 400,000 tonnes. Aluminium, used in transport and packaging, was last quoted at $2,410/$2,411 a tonne from $2,377, with LME stocks down 1,600 tonnes at 4.3 million tonnes Tin closed at $26,650 a tonne from $26,750. The top performer in the metals complex remained underpinned by long-term supply constraints in top exporter Indonesia. Nickel was at $23,810 a tonne from $24,035, having earlier hit a day low of $23,350 a tonne, the lowest point since early October. Zinc closed at $2,425 a tonne from $2,424, while battery material lead was last quoted at $2,435/2,440 from $2,425. -Reuters

Gold recovers as dollar surrenders gains LONDON: Gold recovered lost ground on Monday to turn higher as the dollar surrendered earlier gains, lifting interest in the precious metal as a haven from volatility in the foreign exchange market. The metal slipped below $1,360 an ounce earlier as the dollar bounced back from recent hefty losses, with investors in the US currency worried that expected US monetary easing had already been too heavily priced in.

Spot gold was bid at $1,371.25 an ounce at 1507 GMT, against $1,370.50 late in New York on Friday. US gold futures for December delivery were flat at $1,372.00. Gold's rally to a series of record highs in recent weeks, peaking at $1,387.10 an ounce, has been heavily predicated on weakness in the dollar, with which the metal has traditionally had a strong historic inverse correlation. It has struggled to maintain traction as the dollar has recovered, however. "At the moment, the monthly inverse correlation is about 95 per cent, (so) the dollar still matters," VTB Capital analyst Andrey Kryuchenkov said. "The failure to breach $1.40 for

the euro last week has certainly dented sentiment for dollar bears." Investors had increased their bets against the dollar in recent weeks amid expectations the Federal Reserve would unveil a second round of quantitative easing as early as November. From a technical perspective, the precious metal seems to have become overstretched after rallying nearly 12 per cent in the six weeks to its midOctober record high, analysts

said. Its relative strength indicator was at or above 70 - a level widely seen to indicate overbought conditions - in a nearly unbroken run from Sept. 15 to Friday, Reuters data showed. Among other precious metals, silver was at $24.40 an ounce against $24.26. Holdings of the world's largest silver-backed exchange-traded fund, New York's iShares Silver Trust, rose to a record 10,224.05 tonnes on Friday. The fund has had inflows of more than 880 tonnes since midSeptember, worth some $679.3 million at today's prices. Platinum was at $1,691 an ounce against $1,687.60, while palladium was at $586.50 versus $584.80. -Reuters

Sugar eases on uncertain outlook LONDON: Cocoa futures consolidated on Monday after Friday's slide following soft grindings data, while sugar and coffee fell under pressure from a stronger dollar. North American cocoa grindings, a key measure of demand, rose 1.71 per cent from 2009 in the third quarter, while European grindings were down 4 per cent on the year, data showed on Thursday. Dealers said the European data was likely to dampen views on a recovery in demand for cocoa following a slump in grindings in 2009 due to the global economic slowdown. ICE March cocoa was down $1 at $2,833 per tonne at 1513 GMT. Liffe second-month March cocoa was 19 pounds or 1 per cent higher at 1,896 pounds a tonne in thin volume of 3,265 lots. Sugar futures fell under pressure from the stronger dollar and were below last week's eight-month highs, underpinned by an uncertain output outlook in top producers Brazil and India. ICE March raw sugar futures were down 0.08 cent or 0.3 per cent at 26.98 cents a lb. London December white sugar was down $7.30 or 1.05 per cent at $688.90 per tonne in slim turnover of 2,146 lots. Indian sugar policy would be watched carefully as the Brazilian crush wound up, as India is seen in the market as a potential exporter during the period between Brazilian crops, said Nick Penney of broker Sucden Financial Sugar. Arabica coffee futures were down 0.10 cent or 0.05 per cent at $1.8815 a lb. Liffe January robusta coffee was up $1 or 0.06 per cent at $1,683 per tonne in moderate volume of 3,044 lots. -Reuters

Tokyo rubber down 1.4pc on firm yen BANGKOK: Tokyo rubber futures dropped 1.4 per cent on Monday, weighed down by the strong Japanese yen and weakness in other commodities, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for March delivery fell 4.9 yen, or 1.4 per cent, to settle at 335.1 yen ($4.12) per kg. The key contract rose as high as 343.0 yen on Friday, its strongest since July 2008, on the back of supply concerns and rising Shanghai rubber futures. "Demand on the physical market remained strong, encouraging some players to take speculative buying positions on the futures market," one dealer said. Oil fell towards one-week lows on Monday. The dollar hovered near a 15-year low against the yen. TOCOM rubber prices could recover on Tuesday as sentiment remained strong after prices finished above the psychological level of 330 yen, dealers said. -Reuters

National Commodity Exchange Ltd Trading Summary Date

18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010

Commodity

CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD Kilo GOLD Tola Gold50 Tola Gold100 Mini Gold Mini Gold Mini Gold Mini Gold Mini Gold TT Gold TT Gold TT Gold IRRI6W Rice IRRI - 6 RBD Palm Olein KIBOR3M KIBOR3M

Contract

Price

Date

Quotation

NO10 DE10 JA11 NO10 DE10 NO10 DE10 JA11 NO10 DE10 JA11 OC10 NO10 DE10 OC10 OC10 OC10 1-Aug 2-Aug 3-Aug 4-Aug 5-Aug 1-Sep 2-Sep 3-Sep 21OC10 NO10 NO10 10-Dec 11-Mar

US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100

Open

High

Low

Close

82.35 83.09 83.78 24.37 24.41 1371.20 1371.80 1372.60 1371.20 1370.00 1372.60 37911.00 37732.00 37774.00 37959.00 44274.00 44274.00 39024.00 39063.00 39077.00 39090.00 39103.00 44849.00 44894.00 44390.00 2402.00 3209.00 4448.00 86.70 86.18

82.83 83.40 83.78 24.37 24.80 1376.00 1376.50 1377.50 1371.20 1376.50 1372.60 37986.00 37995.00 38009.00 37959.00 44274.00 44274.00 39024.00 39063.00 39077.00 39090.00 39103.00 44849.00 44894.00 44909.00 2402.00 3209.00 4448.00 86.70 86.18

80.40 81.08 83.08 24.14 23.82 1355.00 1354.00 1354.90 1365.70 1358.00 1366.20 37568.00 37680.00 37774.00 37797.00 44086.00 44086.00 38913.00 38861.00 38874.00 38887.00 38900.00 44719.00 44659.00 44390.00 3178.00 3206.00 4372.00 86.70 85.71

81.77 82.43 83.08 24.14 24.16 1365.70 1366.20 1367.10 1365.70 1366.20 1366.20 37825.00 37833.00 37847.00 37797.00 44086.00 44086.00 38913.00 38861.00 38874.00 38887.00 38900.00 44719.00 44659.00 44674.00 3178.00 3206.00 4372.00 86.70 85.71

Traded Volume

Previous

Current

Open Interest

in lots

Settlement

Settlement

in Lots

131 127 67 500 2,243 2,709 48 16 2 2 1 -

Price 80.78 81.40 82.06 23.81 23.82 1358.20 1358.70 1359.60 1358.20 1358.70 1359.60 37650.00 37659.00 37672.00 37623.00 43882.00 43882.00 38737.00 38685.00 38698.00 38711.00 38724.00 44513.00 44453.00 44468.00 3181.00 3209.00 4448.00 86.70 85.67

Price 81.77 82.43 83.08 24.14 24.16 1365.70 1366.20 1367.10 1365.70 1366.20 1367.10 37825.00 37833.00 37847.00 37797.00 44086.00 44086.00 38913.00 38861.00 38874.00 38887.00 38900.00 44719.00 44659.00 44674.00 3178.00 3206.00 4372.00 86.70 85.71

27 36 72 703 610 853 12 46 3 2 3 1 1 -

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day


Real Madrid's coach Jose Mourinho reacts during a news conference in Madrid

10

Tuesday, October 19, 2010

Butt in distress

Sania Mirza eyes Asian games BANGALORE: Sania Mirza's WTA ranking has been sea-sawing these last few weeks. The numbers against the Hyderabadi's name has slipped to 136 from the 120s of two weeks ago and will in all likelihood sink to the 170s when the new ranking comes out. The 23-year-old, however, is unperturbed by the freefall. She will go to Guangzhou for the Asian Games in the second week of November, even if with a depleted Indian tennis squad, to try and win some medals for her country. "Playing for India," she said, "is priority". "There's no way you can balance a season like this one where you are playing for your country in two major international competitions (Commonwealth Games and the Asian Games) in a matter of weeks," Sania explained. "You have to make the tough choices. You sacrifice those weeks you play on the Tour to improve your ranking to play for your country. I love the feeling of winning a medal for India. That's what I'm looking forward to doing in Guangzhou." In all it has been a season of trial for Sania, who was out of the Tour for four months at the start of the year due to a wrist injury. In the subsequent months, her ranking crashed from a top60 position. The Indian gutted it out through the treacherous grass court season and the early part of the hard court season before she found form and confidence at the US Open in New York. In the Commonwealth Games, she was once again the darling of the masses as she gained a silver medal in the singles.-Agencies

HEC to award Inam Rs1 million ISLAMABAD: Higher Education Commission (HEC) on Monday announced cash prize of Rs1 million for Mohammad Inam who won a Gold medal in wrestling `84 kg' category in the Common Wealth XIX games held in India. The prize was announced by Director General Sports, Talat Khurshid on Inam' return from India to recognize his outstanding performance in the games. Muhammad Inam, a student of MBA was warmly received by Talat Khurshid along with Khaliq Khan, Secretary General Pakistan Olympic Association. Students of local universities were also present to receive their national hero.-APP

ROTTERDAM: Tommasone of France performs on the pommel horse during the men's qualifying round of the Artistic Gymnastics World Championships at Ahoy Arena.-Reuters

PCB to address player’s conduct Monitoring Desk KARACHI: Pakistan Cricket Board (PCB), after being directed by International Cricket Council(ICC) to get its house in order, has said that it will make all the players sign a new code of conduct. National team manager Intikhab Alam informed the media on Monday of this new development after briefing the players on the PCB's new code of conduct by the PCB that goes into effect for the upcoming series against South Africa. Alam said that the updated code of conduct bars Pakistani

cricketers from giving interviews while only the captain and coach will be allowed to hold press conferences. He said that before every series every player bound for a tour with the national team will have to sign the code of conduct. He added that on the domestic cricket front, no cell phones will be allowed in the players' pavilions. The manager warned that any violation of the code of conduct will not be tolerated. This follows the spot fixing scandal that happened during the national side's tour of England last month.

Sammy crowned as WIndies skipper n Sammy replaces Gayle n Nash named vice-captain

JAMAICA: Darren Sammy was handed the task of rebuilding the fortunes of the once-mighty West Indies team when he was named as the new captain on Sunday. Jamaican Chris Gayle had been in charge of the side since 2007 but after team slid to seventh in the test rankings and eighth in the one-day standings, the West Indies Cricket Board (WICB) decided to change the leadership. "Chris Gayle led the West Indies during a challenging period and the board thanks him for stepping up then," WICB chief executive Ernest Hilaire said in a statement. "But it is now time to pass the mantle on as the West Indies rebuilds." Selection committee chairman Clyde Butts added: "We are at the dawn of a new era in West Indies cricket and we have entrusted the challeng-

ing job of captaincy to Darren Sammy because it is believed that he has demonstrated the attributes of a leader of this diverse group of men." The 26-year-old Sammy has played eight tests, 43 one-dayers and 19 Twenty20 internationals and will hope to help West Indies recapture the form that brought them 11 successive test wins during the 1980s. The fast bowler's first task will be to lead the side during a six-week tour of Sri Lanka which begins on Nov 15. "Being appointed West Indies captain is an honour and distinction which I will treat with the highest regard and dignity," Sammy, who hails from St Lucia, said. "I have always given my all when I prepare and play for the West Indies and nothing will change now.-Reuters

KARACHI: The prospect of expelling the PCB chairman Ijaz Butt as an ICC director was raised at the ICC board meeting in Dubai last week, underlining just how thin the ice is that the Pakistan board is currently skating on. Wellplaced observers vary on the degree of the threat but some believe Butt was compelled to accept a series of wide-ranging measures to reform Pakistan cricket without protest because the alternative would have been to face expulsion. The possibility is believed to have been raised by an individual member and not the ICC. It arose from members concerned about a specific potential conflict of interest in the spot-fixing scandal, in which three Pakistani players are allegedly involved. The Pakistan board and Mohammad Asif, one of the

three players implicated, are using the same London-based lawyer which, according to the ICC code of ethics for directors, could be interpreted as a conflict of interest. This particular spur, however, is merely part of a much broader canvas of the cricket world's discontent with Butt. ESPN cricinfo reported last month that the possibility of suspending him had crossed the minds of officials who were unhappy with how Butt had reacted to the spot-fixing crisis and then acted with the ICC and other boards such as the ECB. The focus of the two-day board meeting was on anticorruption and, in particular, concerns over the health of the game in Pakistan; specifically three broad areas were up for discussion, including an update on the spot-fixing investigations, how the game

Akram slams PCB selectors Says Butt don’t deserves a second chance KARACHI: Wasim Akram the former Pakistan captain has criticised the PCB and its selection committee for not consulting the coach and captain prior to selecting the squads for the upcoming tour of the UAE. The board announced a 15-man squad to take on South Africa last week, but didn't initially name a captain. A day later, Misbah-ul-Haq was appointed Test captain and Afridi was retained as leader of the side for the shorter formats. "It's a joke to select the team without consulting the coach and the captain," Akram told a

PCB trying to convince ICC on security ISLAMABAD: The Pakistan Cricket Board (PCB) has decided to send video footage to International Cricket Council (ICC) of the recently held National Twenty20 Cup in Lahore as part of its efforts to convince the game's apex body about the security situation at home. According to a top PCB official the video footage will show the ICC how security arrangements were made for the popular tournament that featured almost all the top players of the country and attracted huge crowds. The step is aimed at convincing the ICC and its member nations to help resume international cricket in Pakistan, he added. Pakistan has not hosted any international cricket since the March 2008 terrorist attack on Sri Lankan team in Lahore.-APP

local daily. "The duo has to marshal the team in the series and tournaments and it is not the selection committee which will have to bring the best out of the players on the field. "If I was a chief selector, I would've definitely taken feedback from the coach and the captain before naming any squads. With the World Cup just a few months away, we're still mulling over captains while other teams have their formations ready for the event. This shows poor leadership qualities in the current PCB setup." Describing Ijaz Butt's two

years at the helm of Pakistan Cricket Board a complete failure, former captain Wasim Akram has ridiculed the PCB chief for seeking another tenure. "If Ijaz Butt has asked for another term then hats off to him (pun intended). The whole of Pakistan and world cricket is after him. Pakistan cricket is in a mess, there is no leadership and amidst all this, to ask for another term, well what can I say. This shows that his advisors are not giving him the right directions," Akram said.-Agencies

FIFA’s VP ready for investigation SINGAPORE: FIFA vicepresident Reynald Temarii welcomes a "full and thorough investigation" into newspaper claims that he offered to sell his vote in the contest to host the 2018 World Cup, his confederation said on Monday. The Sunday Times said Oceania Football Confederation (OFC) president Temarii and Nigeria's Amos Adamu -- both members of world football governing body FIFA's executive committee -- had offered to sell their votes when approached by reporters posing as lobbyists for an American consortium. The newspaper report said Adamu was filmed asking for 500,000 pounds for a personal project and that Tahitian Temarii asked an undercover reporter in Auckland for NZ$3 million (1.4 million pounds) to fund a sports academy at the OFC's headquarters. "Further to information made

public by The Sunday Times, the OFC President and FIFA Vice President Reynald Temarii will cooperate fully with the FIFA Ethics Committee and the FIFA Secretary General," a statement from the OFC said. "Reynald Temarii welcomes a full and thorough investigation so that all the facts can be heard." The OFC said it would not comment further until the findings of the FIFA Ethics Committee have been released. FIFA will decide on December 2 in Zurich which countries will host the 2018 and 2022 World Cups. The choices will be made by the 24-strong executive committee. However a source close to the executive, who asked not to be named, said both Adamu and Temarii could find themselves suspended or off the committee by then if the claims against them were substantiated.-Reuters

tackles corruption globally and how Pakistan is to be helped. At its conclusion, the ICC set an ultimatum to the PCB to implement a series of effective anti-corruption measures in its domestic set-up within 30 days. The remit of the ICC's task force on Pakistan has also been broadened to look at ways of improving the structure of governance in Pakistan, "to carry out any reforms," according to the ICC, "which may be deemed necessary to restore confidence in the administration of the game." It is understood that the actions of the Pakistan board through the year brought matters to a head. The revoking of punishments handed out after the Australia tour inquiry, in which the PCB found players guilty of deliberately underperforming, worried member boards.-Online

Brett Lee signs up for NZ T20 stint W E L L I N G T O N : Australian fast bowler Brett Lee has signed to play domestic Twenty20 cricket in New Zealand later this year with the Wellington Firebirds, the club said Monday. Lee, looking for as much match-time as possible as he seeks a career swansong at next year's World Cup, will debut for Wellington against Auckland on December 14, Cricket Wellington chief executive Gavin Larsen said. "It's tremendous to have secured the services of Brett and his record speaks for itself," Larsen said. "He's a gifted all-round athlete who has proven himself a true match winner for Australia in over a decade at the highest level." The 33-year-old will miss the first half of the New Zealand domestic competition because of prior commitments to his home state New South Wales but will play five matches and be available for the final on January 2. Lee retired from Test cricket earlier this year after a string of injuries but is desperate to cap his international career by appearing for Australia at the World Cup in February. Lee has a large following in India, which is co-hosting the World Cup with Sri Lanka and Bangladesh, and has said previously that an appearance at the tournament would be a fitting end to his international career.-APP

Broad plans tough time for Australia LONDON: Australia are not the only enemy this winter; so too is meekness. It has prevailed too often in the past. It won't do this time. Not if Broad can help it. Forget the angelic features, he is an enforcer. He talks of "dragging the team with him" at certain times, and you need only think only of the Ashes spell of five for 37 at the Oval in 2009 for evidence, or even the last oneday international of last summer at Southampton where Pakistan had got a flier and a bristling Broad snared two quick wickets to turn the match. And when he talks with relish of on-field confrontation -

especially of his clash with Mitchell Johnson at Edgbaston last year - it is not with some forced pseudo-machismo. "To be brutally honest, I thrive on it" he says. The bloke simply oozes competitiveness. Take the stuff about him and his father, Chris, whose three centuries in consecutive Tests precipitated England's last Ashes victory Down Under in 1986/87. I expected him to express some boredom with it - all that stuff about having to watch the On Top Down Under video when he was younger - or at least that it had been hammed up to make some decent copy. Not a bit of it. This is banter

with knobs on. And Broad junior wants the final word. "Even at the recent PCA [Professional Cricketers Association] awards,'' he says, "Dad got up on stage and Nasser Hussain said 'So your son has got a higher Test score than you and has a hundred at Lord's with his name on the board.' And he replied: 'I'm on three boards in Australia that he's not on!' So that's the

challenge then." And then there's Pakistan. "I had a lot of aggression towards

the Pakistan cricketers throughout that one-day series," Broad says with real

feeling. "Because, whether they were guilty or not, the allegations [of spot-fixing] had overshadowed our fantastic summer of cricket. Anything that gives negative press is harmful to the game. Even in that one-day series you'd see a misfield and there'd be sly comments, whether they were from friends or players. "And that's not what you

want for cricket. You want a 100 per cent battle, country on country. I think every player is excited about going to Australia because you know that's what you're going to get." As for Ijaz Butt, well ... "I was distraught by his comments," Broad says. "This was the head of their cricket board accusing us of cheating. We were so close to not playing, but I was keen to play because I wanted them to go home with nothing; to lose the Test series, lose the oneday series and have a completely miserable time. "I think we did the right thing by playing on because

we couldn't let a joker like that affect the dynamics of cricket. If we were to pull out of a series because of what one man said, it would have set a dangerous precedent. There was a lot of passion when we had a meeting [before the fourth ODI at Lord's], but the passion of wanting to stuff them out of sight was overriding." Of course, though, there are times when Broad oversteps the mark. Edgbaston last summer for example, when he was fined for hitting Zulqarnain Haider with a throw. He attracted plenty of criticism for that, not least from this column.Agencies


International & Continuation

Tuesday, October 19, 2010

US industrial output falls, monetary easing seen WASHINGTON: U.S. industrial production contracted in September for the first time in more than a year, pointing to continued slowdown in growth and cementing expectations of further monetary policy easing next month. Separately, home-builder sentiment rose this month but remained at depressed levels, fortifying views that the Federal Reserve would pump more money into the economy at its meeting Nov. 2-3 to stimulate the stuttering recovery. "The industrial production report illustrates, if anything, economic growth is still slowing rather than beginning to pick up again, which is yet another reason for the Fed to unleash QE2 (quantitative easing)," said Paul Ashworth, a senior U.S. economist at Capital Economics in Toronto. Industrial production fell 0.2 per cent, the first decline since June 2009, after increasing 0.2 per cent in August, the Fed said. Economists had expected September's industrial production to rise 0.2 per cent. The National Association of Home Builders/Wells Fargo Housing Market Index rose three points to 16 in October,

beating economists' expectations for a 1-point rise to 14. A reading above 50 indicates that more builders view sales conditions as good than poor. The index has not been above 50 since April 2006. Prices for safe-haven government debt trimmed gains, while the U.S. dollar held near a 10-month low against a basket of currencies. While financial markets have priced in further monetary stimulus from the Fed, it remains unclear how much money the U.S. central bank will inject through purchases of government securities. On Friday, Fed Chairman Ben Bernanke gave his strongest signal yet that more monetary policy easing was imminent but provided no details on how aggressively the Fed might act. The recovery has slowed markedly from the worst recession in 70 years, leaving unemployment uncomfortably high and inflation too low for Fed's liking. September's industrial production was pulled down by a 0.2 per cent decline in manufacturing, which analysts said confirmed recent signs of a slowdown in factory activity

as the boost from the rebuilding of inventories fades. "We do not believe this heralds the beginning of a collapse in activity, but manufacturing growth is clearly slowing to a more subdued pace of growth, despite being well shy of its pre-crisis levels," said Eoin O'Callaghan, an economist at BNP Paribas in New York. Excluding excluding motor vehicles and parts, manufacturing also fell 0.2 per cent last month. Mining output rose 0.7 per cent last month, while utilities dropped 1.9 per cent. Capacity utilization, a measure of slack in the economy, edged down to 74.7 per cent, 4.2 per centage points above the year-ago level but still 5.9 points below the 1972-to-2009 average. Although home-builder sentiment rose this month, the housing market remains weak. An investigation into improper processing of foreclosures has hit the housing market, prompting some banks to hold back foreclosures. There are fears that the selfimposed moratorium on foreclosures could further delay the recovery of the housing market.-Reuters

imposing sanctions," Polish Finance Minister Jacek Rostowski told reporters on leaving the meeting. "We are going in the right direction. There is also a high degree of agreement on the permanent system of crisis resolution. We can be satisfied with progress made." The changes to the Stability and Growth Pact are the biggest overhaul of the fiscal rules underpinning the euro since its creation in 1999. One of the thorny issues was how much ministerial discretion would apply in deciding sanctions, which would take the form of interest-bearing and non-

China vows to unleash growth from grassroots

ed at 119 rupees on the NSE, a discount of 6.3 per cent to the issue price of 127 rupees a share. The stock extended losses and closed at 112.90 rupees. * Sasken Communication Technologies gained 8.4 per cent to 218.10 rupees after the telecoms software firm said late Friday its board would meet on Oct. 21 to consider a share buyback. * State Bank of Mysore shed 2.1 per cent to 895 rupees, as the state-run lender said its JulySeptember net dropped 5.35 per cent. * Mundra Port & Special Economic Zone closed 1.5 per cent lower at 159.45 rupees after JP Morgan downgraded the port business firm to "neutral" from "overweight" citing that the stock has already priced in domestic growth opportunities. * Real estate developer Godrej Properties shed 3.8 per cent to 703.65 rupees as its July-September net profit fell 28 per cent. * Dr Reddy's Laboratories gained 0.8 per cent to 1,595 rupees after the BEIJING: China must lift the incomes and spending power of drugmaker said on Saturday it had received an approval from the US Food and Drug Administration hundreds of millions of farmers for lansoprazole delayed-release capsules.-Reuters Continued from page 5 No #8 and workers to keep the world's second-biggest economy from might have pushed the market further," said Keith Bowman, equity analyst at Hargreaves faltering on its ascent, the Lansdown. "We saw above-expectation results from Citigroup, which also added to sentiment. But nation's leaders said on Monday. going forward, we are likely to see the same level of volatility that we have seen, with a significant China's broad blueprint for level of uncertainty still likely in the coming months." releasing domestic wellsprings BP was up 1.6 per cent. It has agreed to sell a package of oil and gas fields in Vietnam and of growth by giving citizens bet- Venezuela to its Russian joint venture TNK-BP for $1.8 billion as the London-based oil major raister incomes, welfare and hous- es cash to pay for its Gulf of Mexico oil spill.-Reuters ing was issued by the ruling Continued from page 5 No #9 Communist Party's Central A Reuters poll also showed that Japanese manufacturer confidence, while holding steady in Committee, after a four-day meeting that settled on the October from the previous month, was seen deteriorating by a record margin over the next three nation's next five-year develop- months as companies grapple with the yen's surge. "US earnings reports have been solid, but you need to keep in mind that the weak dollar isn't a catalyst for earnings at Japan's global companies," ment plan starting in 2011. Over that time, the Chinese said Fumiyuki Nakanishi, a manager at SMBC Friend Securities. "Basically, foreign funds are floweconomy could grow by about ing into Japan given the current ample liquidity situation in global markets," said Ryosuke Okazaki, 50 per cent to $7.5 trillion, pow- chief investment officer at ITC Investment Partners Corp. "Japanese shares have lagged behind othering past Japan and moving ers, but they are now starting to catch up despite the yen's strength against the dollar."-Reuters

the Pakistani delegation while US Secretary of State Hillary Clinton would lead US delegation. Diplomatic sources further told that Chief of the Army Staff General Kayani would leave for US today to attend the strategic dialogue.-Agencies

of the underlying spirit conceived by the founder of the Prize." "Pakistan deeply values the implementation of the commitments that the Peoples Republic of China has made to up-holding the principles and norms of international law, humanity and civilised conduct. "The spirit of humanity that imbues the Chinese civilisation is a shining example to the rest of the world," the press release maintained.-NNI

on real-time and more transparent. According to KSE notice issued here Monday, presently, all off market transactions are reported via the special interface provided to members on their NCHS terminal. The members are obliged to report to the exchange all off-market transactions before 5:00PM or in case the deal takes place after market hours they are reported next day before 5:00 pm. The same gets disseminated on the following day to the market, via daily quotations, with quantity, price and members code. All charges and taxes payable pertaining to off market transactions presently applicable shall remain in place, like wise.To implement the new system smoothly, the existing reporting interface on members' NCHS terminals shall remain operative in parallel with new NDRS for further 15 days from November 01, 2010. Thereafter, all off market transaction shall mandatorily be reported to the Exchange via NDRS of the Exchange. -APP

interest bearing deposits and fines. Sources close to the talks said that despite the opposition of a group of countries led by France, the ministers backed a proposal of the EU executive arm, the European Commission, that only a qualified majority of ministers could stop such sanctions -- or what the Commission calls reverse majority voting. The name comes from the fact that until now, only a qualified majority could impose sanctions. "There is agreement on the reverse majority voting," one EU source with insight into the talks said.-Reuters

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The talks were focused on macro-prudential policies — the big systemic picture of reducing the risk of too-big-to-fail institutions, Chinese central bank policy adviser Xia Bin told reporters outside the meeting room. Xia also issued a thinly veiled warning to the United States not to print more money to stimulate growth. In the run-up to the G20 finance ministers’ meeting, which begins Friday in preparation for next month’s Seoul summit, South Korea has warned that frictions over the currency upheaval are growing and could lead to trade protectionism. The United States, facing mid-term elections next month, has ratcheted up the pressure on China to allow the yuan to rise more rapidly, but Beijing insists its currency must not be used as a “scapegoat” for US economic woes. When asked whether China feared a currency war, He Fan, an economist for the Chinese Academy of Social Science, a top government think tank, said he thought such a situation would be averted. “Yes, we are concerned. But given historic lessons, a large-scale currency war is unlikely,” He said between attending meetings. “But we are going to see continuing conflicts particularly in the East Asian region. Countries like Japan and South Korea have similar economic structures and both have limited room for monetary policy adjustment.” Beijing should now tighten capital controls even further to prevent a flood of hot money speculative funds from coming into China on expectations that the yuan will appreciate, which would fan inflation, he said. With Beijing keeping a tight grip on the yuan, many other Asian economies are suffering as their currencies soar against the dollar. Despite Europe’s debt woes, the euro has also surged. -APP

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closer to the biggest economy by far, the United States, government economists have forecast. But domestic rifts and inequalities could drag down China by fettering household demand and stirring unrest, officials fear. The Party meeting urged them to maintain a "sense of peril". "Stick to making welfare and improving livelihoods the fundamental starting and end point for faster transformation of economic development," said the communique from the meeting, which was issued by state-run media. While the United States has pressed China to rebalance its economy by raising the value of the yuan, the meeting showed how focused Beijing is on domestic policies to coax growth away from exports. It did not mention the currency. The Party leaders vowed more balanced income distribution, improved healthcare, and a stronger social welfare net so ordinary citizens feel more confident about spending savings. "We must persist in the strategy of expanding domestic demand and maintaining steady and relatively fast development," said the official statement from the meeting. "Accelerate the formation of a new pattern of economic growth driven by coordination of consumption, investment and exports." The national parliament will formally approve the plan early next year, and the Party announcement did not give specifics about growth targets and policies. -Reuters

EU finmins near deal on tougher budget rules LUXEMBOURG: European Union finance ministers agreed on Monday that sanctions for breaching EU deficit and debt limits should be almost automatic, but were still discussing how fast they should kick in, EU sources said. EU finance ministers are in talks in Luxembourg to complete an overhaul of EU budget rules, the Stability and Growth Pact, and agree on a report for EU leaders on how to make the rules tougher, to prevent a new sovereign debt crisis. "There is an agreement on ... a significantly strengthened preventive action and a significantly strengthened system of

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October 20 to 22. The minister is leading the water and power working group from Pakistan side while Otero will represent US on water working group and David Lipton on energy working group. Ashraf will also address the plenary session of the strategic dialogue on the current energy situation, future planning and investment requirement for water and power sector. Adviser to Prime Minister Kamal Majeedullah, secretary water and power, Javed Iqbal and Chairman Wapda Shakeel Durrani will assist him in the strategic dialogue at Washington. -Agencies

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the Chinese border, to the Kurram Valley which neighbors Afghanistan's Tora Bora, one of the Taliban strongholds during the US invasion in 2001. Tora Bora is also the region from which bin Laden is believed to have escaped during a US bombing raid in late 2001. US officials have long said there have been no confirmed sightings of bin Laden or Zawahiri for several years. The official also confirmed the US assessment that Mullah Omar, the leader of the Taliban, has moved between the cities of Quetta and Karachi in Pakistan over the last several months. The official would not discuss how the coalition has come to Continued from page 12 know any of this information, but he has access to some of the No #2 bank officials in Shanghai on Monday to discuss ways to most sensitive information in the Nato alliance. -Agencies strengthen the global economic recovery, amid mounting fears of Continued from page 5 No #7 a damaging all-out currency war. India does not need to limit capital inflows for now but is watchThe People’s Bank of China is hosting the conference, bringing together central bank chiefs and other officials from Asia, Africa, ing the situation closely in order to avoid volatility, the country's finance minister said in an interview to Reuters late on Friday. Europe, and North and South America, the IMF said. Top engineering and construction firm Larsen & Toubro erased China is under mounting pressure to allow a strengthening of the yuan, which critics say is undervalued by as much as 40 per cent and early losses to close 1.2 per cent higher after beating market estigives Chinese exports an unfair trade advantage. Beijing pledged in mates with a 32-per cent rise in quarterly profit, on a pickup in order execution. Software companies gained, rebounding from June to allow limited currency reform, since when the yuan has risen less than three per cent against the dollar. Currency tensions boiled sharp losses on Friday, with the sector index rising 1.3 per cent over at the recent annual meetings of the IMF in Washington, with after a 3.3 per cent fall in the previous session. Leading outsourcers Infosys Technologies and Tata China rejecting calls for a quick revaluation. -Reuters Consultancy Services climbed nearly 3 per cent and 1 per cent Continued from page 12 No #3 respectively. Financials closed mixed on concerns the central been reduced to Rs20 million from Rs80 million adding, due to bank may tighten its monetary stance, as it braces to tame rising the reason, PBM is not providing financial assistance to needy inflation in Asia's third-largest economy. Top private lender ICICI persons but only medical assistance and education funds are avail- Bank shed 0.9 per cent while leading lender State Bank of India able. -APP inched 0.1 per cent up. Mortgage lender Housing Development Finance Corp closed 0.3 per cent lower despite posting a 21.5 per Continued from page 12 No #4 done nothing that could possibly qualify him for the Nobel Peace cent rise in its September quarter net profit. The Bombay Stock Prize. "The politicisation of the Nobel Peace Prize for the purpos- Exchange and National Stock Exchange on Monday began their es of interference in the domestic of affairs is not only contrary to 15-minute pre-opening session, in the cash and derivatives marthe recognised principles of interstate conduct but also a negation kets. India's Commercial Engineers & Body Builders Co Ltd list-

No #10

getting better, getting repaired. And I think that's been the game plan all along," he said. "There's a little bit of nervousness the good news is (already) in" the market regarding tech earnings," Mr Pado said. Still. Apple Inc gained 0.6 per cent to $US316.48, and International Business Machines Corp rose 0.6 per cent to $US141.93 ahead of their earnings reports later Monday. Stock investors had little reaction to data showing US industrial production fell for the first time in more than a year, and a report indicating home builder sentiment rose this month but remained at depressed levels.-Reuters

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correction but any further drops are unlikely to be very big," said Chen Shaodan, analyst at China Development Bank Securities in Beijing. Government property cooling steps, in particular the restrictions on how many houses a family can buy, is also helping drive money into the stock market from the real estate sector. In Hong Kong, the market continued a correction that began last Friday as the blue chip Hang Seng Index slipped 1.21 per cent in its biggest single-day loss in percentage terms in about six weeks to close at 23,469.38, its lowest close in last three trading sessions. Shares of Zijin Mining fell 4.7 per cent after the Chinese gold and copper miner said it was being fined 19.5 million yuan ($2.94 million) for the collapse of a mine.-Reuters

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prime minister, chief minister, secretaries and all other constitutional and executive functionaries. Furthermore, Supreme Court directed Attorney-General Pakistan Maulvi Anwar-ul Haq to present the government's written point-of-view regarding the National Accountability (Amendment) Ordinance, 2010. The amended ordinance was challenged in the apex court by Senator Syed Zafar Ali Shah of the Pakistan Muslim League - Nawaz (PML-N). Shah had prayed before the apex court to suspend the operation of the ordinance by declaring it as unconstitutional and illegal. The ordinance was promulgated by President Asif Ali Zardari on September 16 and was consequently tabled in the Senate by Minister for Law and Parliamentary Affairs Babar Awan on October 1, the last day of the upper house's 12-day session. Senator Shah, at the time of the ordinance's tabling in the upper house, had criticised the government for keeping it secret till the last working day of the house and led the opposition's walkout from the house. He had made the federation of Pakistan, through the Ministry of Law and Parliamentary Affairs, a party in his petition.

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former president Musharraf. Due to this agreement, Nawaz Sharif has not made any new statement against former president in or outside the country.PML sources told that Sharif does not want to be in the bad books of Saudi King Abdullah hence want to spend the remaining two months of his agreement peacefully. Sources added that Nawaz Sharif had expressed his sheer desire to meet Saudi King Abdullah after coming back from London but the latter in a message refused saying that he will call him when he wants. It must be worthwhile mentioning that Saudi Arabia is fuming and annoyed with Sharif brothers over participation of Shahbaz Sharif in elections thus Nawaz Sharif refrained from byelections in view to avoid putting fuel on fire.On the other hand, when media coordinator of the PMLN Asim Khan was contacted he was of a clear-cut stance that he is not aware of the representative of Saudi King Abdullah meeting with PML-N Chief Mian Nawaz Sharif in London. -Online

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100-Index which surged by 2 per cent MoM. The open-end equity funds after a considerably increase of 7.90 per cent stand at Rs41.85 billion in September against Rs38.79 billion in August -- increase of Rs3.1 billion in absolute term. Out of Rs3.1 billion, around Rs2 billion has added by JS Large Capital Fund followed by NIT, adding Rs1.1 billion to Rs30.91 billion at the end of September. On the flip side, Money Market, Income & Aggressive Income Funds categories have reported a decline of 5.80 per cent, 4.15 per cent & 6.40 per cent to stand at Rs48.26, 45.92 & 11.99 billion till September 2010.

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Assembly, 10 of Khyber-Pakhtunkhwa Assembly, and 12 members of Balochistan.

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Public Accounts Committee as well as Auditor General of Pakistan has been asked to monitor the entire process. He lauded the role of the hundreds of NGO during relief and rescue phase and hoped that they would continue to do so during rehabilitation phase. He said the Government is fully committed to complete transparency and accountability in the receipt, management and use of funds and resources and hoped that the NGO sector too would ensure transparency and accountability. -Agencies

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that all the illegal arms holders would be sentenced to 10-year term. Earlier, a high-level meeting, chaired by Sindh Chief Minister Qaim Ali Shah, was held in Karachi to review the law and order situation. The meeting was being attended by Federal Interior Minister Rehman Malik, DG Rangers, IG Sindh and other significant officials. The meeting mulled over ways to curb the ongoing targeted killing and firing incidents besides overall security situation of the province. -NNI

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(worth 7.6 billion euro) and the main export items are textiles and clothing products which amount to more than 60 per cent of Pakistan's trade with the EU. "If successful in getting approval from the World Trade Organisation (WTO), this economic assistance will come on top of the EU's significant humanitarian and development aid. -APP

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pay that on the unutilised balance of the loan amount as obligatory payment to the lender/ donor on the amount committed by them but unutilised", he remarked. He said that keeping in view the commitment charges paid by the government in the last three years amounting $7.9 million in 2007, $7.2 million in 2008, $8.9 million 2009. He further said that $4.3 million for the first two quarters of the year 2010 which totals approximately $30 million for having $4 billion portfolio of projects and programs loans undertaken throughout the Pakistan in these years. -APP

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empower the employees of the said entity, but so far the process is striding forward with snail pace. Under the scheme, employees would not only get 12 per cent free-of-cost shares but can also designate one person in the Board of Directors to become part of decision-making process; the employees are also eligible to get regular dividend against their unit certificates. According to PC sources, the establishment of BESOS Trust in Pakistan Steel Mills Corporation (PSMC) and Pakistan Steel Fabrication (PSF) are in the final stages while Trusts in the remaining organisations are under process. It is relevant to note here that more than 41,000 workers of 9 SoEs have received BESOS unit certificates.


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CM Balochistan Raisani calls on President

Vows to be turned into works: Zardari ‘Govt not oblivious to Baloch people’s sufferings’

KARACHI: Advisor to CM, Sharmila Farooqi lightens earthen-lamp in front of the picture of Peoples Party (PPP) Chairperson, Benazir Bhutto during ceremony in memory of the victims of Karsaz incident. -APP

IMF warns global recovery ‘in peril’ SHANGHAI: International Monetary Fund Chief Dominique Strauss-Kahn on Monday warned that the global recovery would be “in peril” if the world’s major economies did not continue to work together. IMF meets central bank chiefs in Shanghai International Monetary Fund and central bank officials from around the world met in China Monday to discuss ways to boost the global economic recovery, amid mounting fears of a damaging currency war. The People’s Bank of China hosted the conference in the country’s financial hub Shanghai, bringing together central bank chiefs and other officials from Asia, Africa, Europe, and North and South America, the IMF said. The Shanghai conference follows IMF and World Bank annual meetings earlier this month, where finance officials discussed how to strengthen the recovery from the worst recession since World War II and the global financial system. It also comes ahead of this week’s key Group of 20

meeting in South Korea, where currency reform is expected to dominate talks, amid fears that nations could adopt trade barriers to counter the rising prices of Asian exports. “The conference is part of the ongoing international examination of the policy challenges posed by the global financial crisis,” the Washington-based IMF said in a statement. PBOC chief Zhou Xiaochuan and IMF managing director Dominique Strauss-Kahn were co-chairing the meeting, the institution said. The US Federal Reserve was represented by Kevin Warsh, a member of the central bank’s policy-setting Federal Open Market Committee. Monday’s meetings had been planned for several months and Il-Houng Lee, the IMF’s resident representative in China, said all discussions would be carried out behind closed doors. See # 1 Page 11

Currency Dispute

China criticises US dual stance BEIJING: China’s state media Monday criticised the United States of ‘double standards’ and blamed the loose monetary policies of the world’s biggest economy for triggering global currency tensions. The criticism of US monetary policy and its weakening dollar comes as Washington maintains pressure on Beijing over its yuan exchange rate, which US lawmakers claim is grossly undervalued and causing global trade imbalances. US policies of “printing money” and holding interest rates near zero were the main cause of the currency dispute, said a commentary by the Xinhua news agency. “In the eyes of some American

politicians it is entirely reasonable to print money and keep the dollar exchange rate low, but it is illegal for other countries to protect their economic and financial security by pushing down exchange rates,” it said. “This is clearly a double standard.” On Friday, the United States delayed a controversial report on China’s currency until after a key group of 20-summit in Seoul in midNovember, averting for now a showdown between the two superpowers. It also comes as the International Monetary Fund (IMF) meets central See # 2 Page 11

Beggary Ord begs change: NA body ISLAMABAD: National Assembly standing committee on social welfare and special education asked for amendment in Beggary Ordinance 1958 and urged severe punishment for the mafia involved in the heinous crime of child beggary. NA body, which met here under the chair of Member National Assembly Rubina Qaim Khani Monday, showed serious reservations over not establishing 36 proposed child protection centres in different parts of the country for rehabilitation of children involved in beggary. An official of ministry informed the committee that 899 children

were repatriated from United Arab Emirates (UAE) to the country through United Nations Children Fund (UNICEF), Federal Investigation Agency (FIA) and Overseas Pakistanis Division. Managing Director Pakistan Baitul Maal Zammarrud Khan briefed the committee members that Bait ul Maal has received a donation of 40,000 wheel chairs from China and these would be distributed among deserving soon. Replying to a query he said that Pakistan Bait ul Maal has utilised all its resources for flood victims, besides the fact that its budget has See # 3 Page 11

Top al Qaeda leadership living in comfort in NW

ISI sheltering Osama: Nato KABUL: Osama bin Laden and his deputy Ayman al-Zawahiri are believed to be hiding close to each other in houses in northwest Pakistan, but are not together, a senior Nato official said. "Nobody in al Qaeda is living in a cave," said the official, who declined to be named because of the sensitivity of the intelligence matters involved, reported CNN. Rather, al Qaeda's top leadership is believed to be living in relative

comfort, protected by locals and some members of the Pakistani intelligence services, the official said. Pakistan has repeatedly denied protecting members of the al Qaeda leadership. The official said the general region where bin Laden is likely to have moved around in recent years ranges from the mountainous Chitral area in the far northwest near See # 6 Page 11

at par with other provinces so their sense of deprivation could be ended. President said government is elected by the people and their mandate would be respected. He said that any conspiracy to destabilise democracy would be foiled. He said we have made the smaller provinces administratively, financially and politically independent to remove their sense of deprivation. He said that there would be no reduction in development funds of Balochistan as this province is already facing financial difficulties. He urged upon the Baloch youth to play their role for the prosperity of the province and the govt would provide them with all available resources. -APP

ISLAMABAD: President Asif Ali Zardari Monday assured the Chief Minister Balochistan Raisani that government was not oblivious to the sufferings of Baloch people and it would actualise all the pledges made to the masses. He expressed this during a meeting with CM Balochistan Nawab Aslam Raisani, who called on him at Aiwane-Sadr here Monday. President said the importance of Balochistan and rights of Baloch people cannot be ignored by a democratic government. Chief Minister Balochistan conveyed his concerns over target killing incidents in Quetta and non-implementation of Aghaz-e-Huqooq-eBalochistan Package. Matters relating to developmental

projects, law and order and political situation in the province and measures taken for rehabilitation and reconstruction of the flood affectees were also discussed during the meeting. Balochistan's Finance Minister, Mir Mohammad Asim Kurd was also present during the meeting. According to sources, during the meeting President said the importance of Balochistan and rights of Baloch people cannot be ignored by a democratic government. He said that all pledges made to the Baloch people would be ensured at all cost. Regarding implementation of Aghaz-e-Huqooq Package, he said he would talk to Prime Minister and Senator Raza Rabbani in this regard, added Balochistan would be brought

FBL rejigs RBS Pakistan BoD

Arson hits 3 Nato tankers in Quetta

KARACHI: Faysal Bank Ltd (FBL) said it has completed the process to acquire 99.37 per cent shareholding in Royal Bank of Scotland Ltd (RBS Pakistan) from its principal shareholder RBS NV for 41 million euros or Pak Rs 4.298 billion. In a communiqué sent to KSE here Monday, FBL said that board of directors of RBS Pakistan has been reconstituted with Syed Naseem Ahmed has been appointed as new chairman and Naveed A Khan as new CEO replacing Muhammad Aurangzeb and Salman Sarwar Butt respectively. -APP

QUETTA: Unknown assailants torched three tankers carrying fuel for Nato-forces on Monday in district Kalat and Quetta of Balochistan. According to police, unknown assailants fired at a Nato tanker at western bypass in Akhtarabad, gutting the vehicle in an inferno. However the driver and cleaner survived miraculously. According to the witnesses, the

assailants were on motorbikes and fled the scene after the attack. In another incident unknown assailants first disembarked the driver and cleaner and than torched two Nato oil tankers and fled in district Kalat. No loss of life was reported in the two incidents. More than 20 tankers were previously set on fire in the same area. Online

3rd anniversary of Karsaz tragedy observed ISLAMABAD: The third anniversary of the Karsaz tragedy was observed throughout the country on Monday. On the occasion in his message, the PPP co-chairman and President Asif Ali Zardari has paid glowing tributes to the martyrs and said the tragedy was a reminder that the central battle in Pakistan was the battle between the forces of moderation and democracy on the one side and that of extremism and religious bigotry on the other. He said Shaheed Mohtarma Benazir Bhutto was the symbol of resistance against militancy and bigotry and the attack on her on this day was indeed an attack on all forces of moderation. -Agencies

FO concerned over conferring peace Nobel to Chinese in prison ISLAMABAD: Pakistan on Monday expressed serious concerns over the decision of the Nobel Peace Prize Committee (NPPC) to award the Nobel Peace Prize 2010 to Liu Xiaobo. According to a press release issued by the Ministry of Foreign Affairs, Pakistan was surprised and deeply perturbed to learn about the decision. The press release says that the "decision runs contrary to the established principles for the award of the Prize and therefore cannot but be seen to be detracting from the prestige associated with this award." "Liu Xiaobo was sentenced by the Chinese judicial system and has See # 4 Page 11

Energy talks

Ashraf departs for Washington ISLAMABAD: Federal Minister for Water and Power Raja Pervaiz Ashraf has left for US to participate in the Third Ministerial Level Pakistan-US Strategic Dialogue to be held in Washington DC from See # 5 Page 11

Printed & Published by Amir Abbas Ashary at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.

The Financial Daily-Epaper-19-10-2010  

The Financial Daily Epaper

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